The Board of Governors of the Federal Reserve System,
commonly known as the Federal Reserve Board, is the main governing body of the
Federal Reserve System. It is charged with overseeing the Federal Reserve Banks
and with helping implement the monetary policy of the United States
The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and
confirmed by the Senate. A full term is fourteen years. One term begins every
two years, on February 1 of even-numbered years. A member who serves a full
term may not be reappointed. Feb
21, 2018
There are twelve Federal Reserve Banks,
one in each of the twelve Federal Reserve Districts (see map of the Federal Reserve System).
·
1st
District, Boston. Connecticut (excluding Fairfield County), Massachusetts,
Maine, New Hampshire, Rhode Island, and Vermont
·
2nd
District, New York. New York State, twelve counties in northern New Jersey,
Fairfield County in Connecticut, Puerto Rico, and the Virgin Islands
·
3rd
District, Philadelphia. Eastern Pennsylvania, southern New Jersey, and all of
Delaware
·
4th
District, Cleveland. Ohio, western Pennsylvania, eastern Kentucky, and the
northern panhandle of West Virginia.
·
5th
District, Richmond. Maryland, Virginia, North Carolina, South Carolina, and
most of West Virginia
·
6th
District, Atlanta. Alabama, Florida, Georgia, and parts of Louisiana, Mississippi,
and Tennessee
·
7th
District, Chicago. Iowa and most of Illinois, Indiana, Michigan, and Wisconsin
·
8th
District, St. Louis. Arkansas and portions of six other states: Missouri,
Mississippi, Tennessee, Kentucky, Indiana, and Illinois
·
9th
District, Minneapolis. Minnesota, Montana, North Dakota, South Dakota,
twenty-six counties in northwestern Wisconsin, and the Upper Peninsula of
Michigan
·
10th
District, Kansas City. Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern
New Mexico, and Western Missouri
·
11th
District, Dallas. Texas, northern Louisiana, and southern New Mexico
·
12th
District, San Francisco. Nine western states--Alaska, Arizona, California,
Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--and American Samoa, Guam,
and the Northern Mariana Islands
Under the Federal Reserve Act, the
president of a Federal Reserve Bank is the chief executive officer of the Bank.
He or she is appointed by the individual Bank's board of directors, with the
approval of the Board of Governors, for a term of five years.
The
terms of the presidents of the twelve Reserve Banks run concurrently, ending on
the last day of February in years ending with 1 and 6 (for example, 2001, 2006,
and 2011). The appointment of a president who takes office after a term has
begun ends with the end of that term. A Reserve Bank president may be
reappointed after serving a full term or a partial term. Reserve Bank
presidents are subject to mandatory retirement upon becoming 65 years of age.
However, a president initially appointed after age 55 may, at the option of the
Bank's board of directors, serve until attaining ten years of service in the
office or age 70, whichever comes first.
Those involved in
the Federal Reserve System are Bankers. They function within the “managed
economy system”. Trump needs to appoint more “originalists” who understand the
free market economy from Mises Institute.
Norb Leahy, Dunwoody
GA Tea Party Leader
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