What is the interaction between the Federal Reserve districts and the Board of Governors of the Federal Reserve System?
What will be an ideal response?
The Federal Reserve System divides the nation into 12 regions, each with a Federal Reserve Bank. Each Federal Reserve Bank has a nine-member board of directors. Of the nine members, six are elected by the commercial banks within the Federal Reserve district and three are appointed by the Board of Governors. The directors of each Federal Reserve Bank appoint the president of the bank, subject to approval from the Board of Governors.
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When property rights are assigned and transactions costs are low
A) all costs and benefits are taken into account by the transacting parties so the transaction is efficient. B) externalities will lead to market failure. C) the marginal social benefit curve shifts leftward. D) the marginal social cost curve shifts rightward.
If a consumer is consuming a combination of goods and services on his budget line, has the consumer allocated his or her entire budget?
What will be an ideal response?