Board of Governors, FOMC, Bureau Engraving&Printing, US Mint
About The Fed
The Fed, also known as The Federal Reserve System, was founded in 1913. by the congress with the Federal Reserve Act. It is headquarted in Washington DC. It includes a board of governors (7 members) and reserve banks (12 districts). The main goal of The Fed is to stabilize the economy. It was created for a more stable and safe banking system. The Fed regulates the nation's money supply, supervises banks, supplies currency to reserve banks, and oversees development and function of the nation's payment system.
Board Of Governors
Location & Purpose
The board of governors are nominated by the President of the US and approved by the senate. They have a 14 year term of office. One of the members is appointed by the President of the US to serve as the chairperson. The board of governors is located in District 5, which is near Richmond, Virginia.
What is the FOMC?
FOMC stands for Federal Open Market Committee. The FOMC is a 12-member group that plans how things are going to go down moneywise in the US.
Bureau of Engraving & Printing
Responsiblities & Facts
The Bureau of Engraving & Printing develops and produces US currency notes. It prints billions of dollars each year for delivery to the Federal Reserve System.
The US Mint manufactures and distributes circulating coins, precious metals, collectible coins, and national medals to meet the needs of the US. The US Mint also maintains physical custody and protection of the Nation's gold and silver assets.