Journal 59 - The Federal Reserve System

Federal Reserve System (FRS) helps oversee the nation's banking system. FRS is known as the central bank in the USA. FRS assists the U.S. government in managing the economy by encoruraging economic growth and controlling inflation. The Fed performs many financial services for the federal government. The Fed has 12 Federal Reserve Banks and 25 Federal Reserve branches (FRB). All national commerical banks are required by law to be members of teh Fed.
The Fed police is directed by two main committees: the Board of Governors and the Federal Open Market Committee. The BG has 7 members appointed by the President of the United States to a 14-year term (a chairman serves for four years). The FOMC conists of the Fed governors, the predisent of the New York City FRB, and the presidents of four other FRB's.
I will not write about duties these organs, because they are broad. I am convinced that everyone who wants to understand a global economic politics should be familiar with a role how plays FRS.