On November 2, 2017, President Donald Trump nominated Jerome Powell to serve as the Chair of the Federal Reserve. What is the Federal Reserve? What does.

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Presentation transcript:

On November 2, 2017, President Donald Trump nominated Jerome Powell to serve as the Chair of the Federal Reserve. What is the Federal Reserve? What does it do? Why is this such an important position? Video Clip

The U.S. Federal Reserve System Essential Question: How is the U.S. Federal Reserve System organized and structured? Video: The Fed Today

Structure of the Fed A seven-member Board of Governors Members of the board are appointed by the President, approved by the Senate (serve 14-year staggered terms) One member of the board is appointed by the President to be the Chairperson (serves a 4 year term) The system includes 12 District Banks The Federal Open Market Committee (made up of the Board of Governors and presidents of the District Banks) decides monetary policy

Chairman of the Fed Janet Yellen is the Chairperson of the Fed. She is serving a 4-year term as chairman (2014 – 2018). President Trump nominated Jerome Powell as Fed Chairperson. He will serve a 4-year term after Senate confirmation.

Fed District Banks

District Banks Monetary Policy The U.S. Federal Reserve System Summarizer: Word Splash Janet Yellen Federal Open Market Committee District Banks Board of Governors Monetary Policy

The Federal Reserve System serves as the central bank of the United States. It is headed by a seven-member Board of Governors in Washington D.C., and the current (outgoing) chairman of the board is Janet Yellen. The board of governors establishes policies that are then carried out by 12 District Banks that serve the needs of commercial banks within their regional boundaries. One of the most important functions of the Federal Reserve System is to regulate the money supply, which has an impact on the amount of spending in the economy. The Federal Open Market Committee meets eight times a year to evaluate the U.S. economy and determine whether or not to alter its monetary policy.