What is the US Federal Reserve System?

The US Federal Reserve System, also referred as the Fed Reserve or Central Bank, consists of 3 key entities:

Board of Governors, also called Fed Reserve Board - The Board of Governors is the governing body of the Fed Reserve. It has 7 members, who are nominated by the US President and approved by the US Senate.

12 Federal Reserve Banks - The 12 Federal Reserve Banks are the operating arms of the Fed Reserve. They are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.

Federal Open Market Committee (FOMC) - The Federal Open Market Committee is the primary monetary policy making body of Fed Reserve. It consists of 12 voting members: 7 Fed Reserve Board members, the president of the Federal Reserve Bank of New York, and 4 of the remaining 11 Reserve Bank presidents (served one-year terms on a rotating basis).

⇒ Introduction to US CPI and Inflation Rate

⇐ 1-Year US Interest Rates

⇑ Introduction to US Interest Rates

⇑⇑ Interest Rates