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Select one of the following agencies to research: Federal Communications Commission, Federal Reserve board, Federal Trade Commission, Food and Drug Administration, or Internal Revenue Service. Write a one-page report on the agency and what it does. Explain how the agency impacts economic, market, and employment trends.


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The Federal Reserve Board, also known as The Board of Governors of the Federal Reserve System is an independent agency and the main governing body which looks after the Federal Reserve Bank of the U.S, assisting it in implementing the country’s monetary policy.

The board constitutes of seven Governors which are appointed by the President and confirmed by the Senate for the period of 14 years. The chairman and the vice-chairman serve a tenure of four years and may be reappointed subject to certain conditions. The board gets its funding by assessing the Federal Reserve Bank and its annual accounts are audited annually by a public accounting firm and also by the General Accounting Firm.

The board performs several functions which include- guiding the country‘s monetary policy by influencing the interest rates, open market operations, discount rates, and reserve requirements. It also analyses the status of domestic and international economic markets and leads the committees involved in the study of various current issues like electronic commerce. It also controls and regulates the financial institutions along with state-chartered banks, bank holding companies, and foreign banks operating in the U.S.

The board also supervises the financial sector industry, controls the consumer protection regulations, and manages the payment system of the country.

The board keeps a check over the activities of the Reserve Bank to achieve the long-term objectives of price stability and sustainable employment thus bringing economic stability. The Board is even involved in the appointment of the Bank’s president and other members of its board of directors.

Most importantly, the Board is engaged in the Federal Open Market Committee (FOMC) which regulates the country’s monetary policy. The seven governors of the board constitute the voting majority of the FOMC. Thus, the Board basically boosts and improves the economic market conditions of the nation to prevent situations of inflation and depression and to ensure economic growth and stability.

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