Saturday, June 25, 2011

Central banking in the USA

On the occasion of the appointment of a new Pres of the European Central Bank (ECB) by EUCO (the European Council), a look at the US Federal Reserve System:

12 (not 50) regional Fed Reserve Banks plus a Federal Open Market Committee (FOMC) and the Federal Reserve Board in DC.

Hence there is no Federal Reserve Bank of the US per se or a US Central Bank, but a Board of Governors in DC (plus an FOMC) and 12 regional federal reserve banks!

Strange, huh?
What do you think of this, from a public policy perspective?

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