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| Topic: |
Business
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| Number of pages / Number of words: |
17 / 4536 |
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Even though the Fed is independent of Congressional funding and administrative control, it is ultimately accountable to Congress and comes under government audit and review. The Chairman, other governors, and Reserve Bank Presidents report regularly to the Congress on monetary policy, and a variety of other issues, and meet with senior Administration officials to discuss the Federal Reserve’s and the federal government’s economic programs (World 67)...
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Within the Fed, the Federal Open Market Committee, or FOMC, has the primary responsibility for conducting monetary policy. The FOMC meets in Washington eight times a year and has twelve members: the seven members of the Board of Governors, the President of the Federal Reserve Bank of New York, and four of the other Reserve Bank Presidents, who serve in rotation...
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