Analysis of The Federal Reserve

 The Federal Reserve System was formed by an act of Congress in 1913 and was to function as a central bank for the government and the people of the United States. In these functions, the Federal Reserve remains one of the most powerful institutions in American society, influencing the growth of the money supply, affecting interest rates, and playing a large roll in the pace and direction of spending by every citizen and every business (Taylor, 1989, 15). In addition to the 12 district banks, there are some 5,500 private member banks in the Federal Reserve System. Member banks elect six of the nine directors of their district bank, and they in turn recommend some of the people who sit on the two committees in Washington to make or advise on policy for the entire system. As noted, the President appoints the seven members of the board's system of governors, one of whom acts as its chairman for four years. Only about 40 percent of the private banks in the nation belong to the Federal Reserve System (Taylor, 1989, 17).

 On paper at least, the Federal Reserv

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Approximate Word count = 1112
Approximate Pages = 4 (250 words per page)

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