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Federal Open Market Committee (FOMC)• Sets and directs U.S. monetary policy
• The Seven Governors have voting authority
• Five Reserve Bank Presidents have voting authority (New York and four others on a rotating basis)
• The Seven non-voting Presidents participate fully in FOMC Meetings
• The FOMC meets eight times per year
Supervision & Regulation
The Federal Reserve supervises:
• State-chartered Depository Institutions
• Bank and financial holding companies
• International banking organizations
• Thrift Institutions
Reserve Bank’s Role in Payments• Currency and coin services (paying and receiving) to
institutions: domestically and internationally– Of 37 operations, Miami is 4th in volume behind only
LA, NY, and Chicago
• Clear more than one-third of nation’s checks
• Transfer funds electronicallythrough ACH, Fedwire
• Bank for the U.S. Treasury
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