Federal Reserve BankIntroductionThe Federal Reserve System, commonly referred to as the Fed, was established in 1913. This was after the US Congress passed the Federal Reserve Act in December of that year, establishing a new set of institutions that were supposed to govern the relationship between banks, government and money production (Broz 1997 p. 1). The Federal Reserve System divides the nation into 12 districts, each with its own Federal Reserve Bank (Boyes & Melvin, 2006). The overall administrative structure of the system is composed of: Board of Governors. The board is led by a chair appointed by the president for a four-year term (Boyes & Melvin, 2006). The president serves as the leader and also the spokesperson of the council and exercises more authority in determining the course of monetary policy than the other governors of the council. The Boards of Directors work in coordination with the District Banks. According to Boyes and Melvin (2006) these banks are directed by a board of directors composed of nine people, six of these people are elected by the member banks of the Federal Reserve System in the district and the rest are appointed by the Board of Governors of the Fed. Of the nine directors, three represent the district's commercial banks, three represent non-banking business interests, and the final three are responsible for supervising banking operations. The last one is the Federal Open Market Committee. This is the official policy-making body of the Federal Reserve System (Boyes & Melvin 2006, p.318). The committee consists of the seven members of the Board of Governors plus five of the twelve district bank presidents. All district bank presidents take turns serving in the federal open market... mid-paper... to serve some good. Its influence and benefits will be felt by the few who hold power and who have the ability to know what really happens behind the scenes. ReferencesArnold, A, R, 2008, Macroeconomics, Cengage Learning, AustraliaBroz, L, J, 1997, the International Origins of the Federal Reserve System, Cornell University Press, Ithaca, New YorkHafer, W, R, 2005, The Federal Reserve System: an encyclopedia, Greenwood Publishing Group, Knoop, A, T, 2011, Recessions and Depressions: Understanding Business Cycles, ABC-CLIO, United States of AmericaLindbergh, C, A, 1913, Banking and Currency and The Money Trust, Zed books , USAMeltzer, H, A, 1988, Keynes' monetary theory: a different interpretation, Cambridge University Press, USAMises, L, 1935, the theory of money and credit, Ludwig von Mises Institute, Australia