Jul, 22 2023
The Federal Reserve, often referred to as the Fed, is primarily controlled by a board of governors. These seven officials are nominated by the President of the United States and confirmed by the Senate. The board is autonomous from the government, yet is accountable to Congress. In addition, there are 12 regional Federal Reserve Banks, each with its own president, who contribute to the Fed's policies. The system was designed this way to balance the competing interests of private banks and public oversight.