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Many people are wondering, what exactly is the Federal Reserve System (Fed)? The Fed was first started in 1913 with the passage of the Federal Reserve Act. As defined on Wikipedia, it is a quas- public/ quasi-private government entity. It is comprised of:: 1.a presidentially appointed Board of Governors, of the Federal Reserve System in Washington, DC.,2. the Federal Open Market Committee, 3. 12 regional Federal Reserve Banks in designated regions in the US operating as agents for the US Treasury (each with a 9 member board), 4. numerous member banks which subscribe to required amounts of non transferable stock in the Federal Reserve banks and 5. various advisory councils. Ben Bernake is the present Chairman of the Fed.

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Should the powers of the Federal Reserve be reined in? originally appeared on BloggingStocks on Fri, 10 Jul 2009 13:40:00 EST. Please see our terms for use of feeds.

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