The Federal Reserve

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of Governors of the Federal Reserve is Alan Greenspan (Wikipedia).
The Federal Reserve has domain over three main tools of monetary policy: open market operations, the discount rate, and reserve requirements. The open market operations simply refer to the sale and purchase of U.S. Treasury and federal agency securities. The discount rate refers to the interest rate that the Federal Reserve charges commercial banks and other institutions for loans. Reserve requirements are simply the amount of funds required to be held in reserve in a depository institution against specified liabilities (Board of Governors of the Federal Reserve System).
By using open market operations, the discount rate, and reserve requirements, the Federal Reserve System "influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate" (Board of Governors of the Federal Reserve System). In turn, changes to the federal ...

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Fed's Board of governors, and several senior members of the Federal Reserve Staff. Voting privileges are reserved for the members of the FOMC, which consists of the seven members of the Board of Governors and presidents of five of the Federal Reserve Banks. The New York Federal Reserve Bank's president is a permanent member, while the other four presidents serve one-year voting terms. The Chairman of the Board of Governors is the chairman of the FOMC, while the president of the New York Federal Reserve Bank is vice president.
Today, the policy of the FOMC has been altered from its original configuration in order to improve the efficacy of the Fed. Today's policy is centered on the ...

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