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Federal Reserve System |
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| The Federal Reserve Act of 1913 established a 7-member Board of Governors, 12 Federal Reserve banks, and a 12-member Federal Open Market Committee. The Board of Governors sets the reserve requirements for the 5,400 commercial banks that belong to the 12 Federal Reserve banks and also reviews the discount rate by the Federal Reserve banks. The Federal Open Market Committee directs the sale and purchase of government securities. | ||||||
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| Federal Reserve System; United States (Economy) | ||||||
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