The Federal Reserve System is The Central Bank of the United States and is overseen by: The Board of Governors 12 Regional Banks The Federal Open Market Committee (FOMC) Depository Institutions Advisory committees The 12 Regional banks are located in the following states (followed by their branch letter): 1. ... The Federal Open Market Committee, consisting of the seven members of the Board of Governors and five members elected by the Federal Reserve banks, is responsible for the determination of Federal Reserve Bank policy in the purchase and sale of securities on the open...

• Word Count: 1833
• Approx Pages: 7
• Grade Level: High School