Complete the following statements to demonstrate your understanding of the relationships among the different structures of the Federal Reserve. The Board of Governors of the Federal Reserve is in charge of setting and overseeing monetary policy and is headed by the (speaker of the house/president of the bank of nwe york/president of the federal open marker committee/chairman of federal reserve) . Monetary policy is supposed to be (independent of/coordinated with) Congress and the president. This goal is aided by the fact that the governors' (two years term dont allow/ 14 year terms allow)
them to outlast the president who appointed them.
Because Congress initially intended to create a decentralized banking system, there are also smaller branches of the Federal Reserve known as district banks.
The presidents of the district banks take turns serving as members of the (board of goverment/ federal open market committee)
The Federal Open Market Committee (FOMC) is the official policymaking body of the Federal Reserve and is made up of (all board governors and five bank presidents/ all bank presidents and five board governors/ memebers of the board of governors/ distrtct bank presidents) . The mechanism for translating FOMC policy into action is (the federal funds rate/the reserve requirement/ the statement of open-market operations/ an FOMC directive) , which outlines the course of monetary policy for the next six weeks.