Structure
The Federal Reserve System has a "unique structure that is both public and private", and is described as operating "independently within the government, but independent of it". The System does not require public funding, and derives its authority and purpose from the Federal Reserve Act, which was passed by Congress in 1913 and is subject to Congressional modification or repeal. The four main components of the Federal Reserve System are (1) the Board of Governors, (2) the Federal Open Market Committee, (3) the twelve regional Federal Reserve Banks, and (4) the member banks throughout the country.
Read more about this topic: Federal Reserve System
Famous quotes containing the word structure:
“In the extent and proper structure of the Union, therefore, we behold a republican remedy for the diseases most incident to republican government.”
—James Madison (1751–1836)
“For the structure that we raise,
Time is with materials filled;
Our to-days and yesterdays
Are the blocks with which we build.”
—Henry Wadsworth Longfellow (1809–1882)
“I really do inhabit a system in which words are capable of shaking the entire structure of government, where words can prove mightier than ten military divisions.”
—Václav Havel (b. 1936)