Question
Asked Mar 17, 2019
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Who selects the chairperson of the federal reserve system ? Describe the relationship between the Board of governors of the federal reserve system and the 12 Federal Reserve Banks .  what is the composition and purpose of the federal open market committee ( FOMC)?

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Expert Answer

Step 1

Federal Reserve system:

Federal Reserve system or Fed is a central bank of the United States which maintain the monetary circulation in an economy. It was created by President Woodrow Wilson in 23rd December 1913.

Step 2

The chairperson of the federal reserve system is selected by the President of the United States America.

There are 12 members in the Federal open market committee (FOMC) and out of 12 members, 7 members are the board of governor and 5 members are from the 12 Reserve bank presidents. The president of ...

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