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Federal system

   
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Title: Federal system
 
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Subject: Business
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Date: March 4, 2006
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Length: 4 / 947
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The Federal Open Market Committee, created later (1923) than the system's other divisions, comprises the seven members of the Board of Governors and five representatives of the Federal Reserve banks; it directs the purchases and sales by the reserve banks of federal government securities and other obligations in the open market...
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The Federal Advisory Council consists of 12 members, one appointed annually by the board of directors of each reserve bank; it confers from time to time with the Board of Governors on general business conditions and makes recommendations with respect to Federal Reserve affairs...
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