Federal Reserve in a nut shell.

Congress created a reserve system called the Federal Reserve System under their powers of government this is called an act of congress. The seven member Board of Governors united headquarters is in Washington D.C. There are twelve banks located in key cities all over the United States. The Federal Reserve System is made up of several areas of government. The Board of Governors, Federal open market committee, Federal Reserve banks, Board of Directors, all …

…two weeks, subject to approval by the Board of Governors in Washington. The discount rate is the interest rate depository institutions pay when borrowing from the Reserve Banks. By raising or lowering the rate, the System can influence the cost and availability of money and credit. Directors bring to the Federal Reserve a regional perspective, an independent assessment of the business outlook, and judgment and advice on the credit conditions of the Districts they represent.