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Questions and Answers on the Federal Reserve System

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ... As experience has been gained in the operation of the Federal reserve banks, regulations have been modified from time to time and amendments to the Act have been passed by Congress. The advantage of having the operations of the System continually observed and studied by a body of experts whose duty it is to keep the System fully up to current requirements at all times is probably greater than the majority of bankers and business men have realized. II. Organization 7. Of What Elements Does the Federal Reserve System Consist? The Federal Reserve System consists of: (1) The Federal Reserve Board. (2) The Federal Advisory Council. (3) The Federal Reserve Banks. FEDERAL RESERVE BOARD. 8. What Is the Federal Reserve Board and How Is It Constituted? The Federal Reserve Board is the governing body of the Federal Reserve System and consists of seven members, five of whom are appointed by the President of the United States, by and with the advice and consent of the Senate. The other two members of the Board are the Secretary of the Treasury and the Comptroller of the Currency, who are members ex-officio. Of the five appointed members, two must be experienced in banking or finance, and not more than one can be selected from any one Federal reserve district. In making the selections, the President is required to have due regard to a fair representation of the different commercial, industrial, and geographical divisions of the country. Each of the five appointive members holds office for a period of ten years, but the terms of the first appointees were designated as two, four, six, eight, and ten years, respectively, so that a new appointment or a reappointment occurs once in every two years. The President designates one of the five as Governor, and...
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