Structure of the Federal Reserve System
The Federal Reserve System is like a big bank that helps the United States of America. It is made up of many parts, kind of like how a puzzle has many pieces.
One of the biggest parts is called the Board of Governors. They are like the boss of the Federal Reserve System. There are 7 people on the Board of Governors and they are chosen by the President of the United States to help run the System.
Another part of the System is called the Federal Reserve Banks. There are 12 of these banks around the country. They help people and businesses in their area by giving them loans and other things they might need.
The System also has something called the Federal Open Market Committee (FOMC). This group meets together to talk about how the economy is doing and what the Federal Reserve System can do to make it better.
Finally, there are many other people who work for the Federal Reserve System, like economists and researchers. They help the Board of Governors and Federal Reserve Banks make good decisions about the economy.
All of these parts work together to help keep the economy of the United States healthy. They make sure there is enough money in the country and that people can borrow money when they need it.
One of the biggest parts is called the Board of Governors. They are like the boss of the Federal Reserve System. There are 7 people on the Board of Governors and they are chosen by the President of the United States to help run the System.
Another part of the System is called the Federal Reserve Banks. There are 12 of these banks around the country. They help people and businesses in their area by giving them loans and other things they might need.
The System also has something called the Federal Open Market Committee (FOMC). This group meets together to talk about how the economy is doing and what the Federal Reserve System can do to make it better.
Finally, there are many other people who work for the Federal Reserve System, like economists and researchers. They help the Board of Governors and Federal Reserve Banks make good decisions about the economy.
All of these parts work together to help keep the economy of the United States healthy. They make sure there is enough money in the country and that people can borrow money when they need it.