The Four Parts of the Federal Reserve System:

1. Board of Governors: The Federal Reserve Board of Governors is responsible for supervising the operations of the Federal Reserve System. They are appointed by the President and confirmed by the Senate, and they oversee the 12 Federal Reserve Banks, regulate their activities and serve as the ultimate authority guiding the actions of the Federal Reserve System. 2. Federal Reserve Banks: The Federal Reserve Banks are responsible for implementing the policies of the Board of Governors by providing financial services, supervising financial institutions, and performing research and analysis of the U.S. economy. The Fed Banks are located in 12 cities throughout the US and are privately owned and operated. 3. Federal Open Market Committee (FOMC): The FOMC is the principal policy making body of the Federal Reserve. It is composed of the seven members of the Board of Governors, the presidents of five of the twelve Reserve Banks, and permanent non-voting participants. It meets eight times per year to set the monetary policy of the U.S. 4. Other Banks and Financial Institutions: The Federal Reserve System also includes a variety of banks and other financial institutions that provide services to the economy. These include state-chartered banks, foreign banks, credit unions, securities firms, investment banks, insurance companies, consumer credit companies, and other nonbank financial institutions. Each of these entities is regulated and supervised by the Federal Reserve to ensure that they are meeting the requirements of their charters and the laws mandated