congress appoints the chairman of the federal reserve.
congress appoints the chairman of the federal reserve.
who appoints the chairman of the federal reserve?
congress
federal reserve board of governors









































the board of governors of the federal reserve system, commonly known as the federal reserve board, is the main governing body of the federal reserve system. it is charged with overseeing the federal reserve banks and with helping implement the monetary policy of the united states. governors are appointed by the president of the united states and confirmed by the senate for staggered 14-year terms.









































section::::statutory description.
federal reserve board of governors
since the founding of the federal reserve banking system, the federal reserve bank of new york in manhattan's financial district has been the place where monetary policy in the united states is implemented, although policy is decided in washington, d.c. by the federal reserve board of governors. the federal reserve bank of new york is the largest in terms of assets of the twelve regional banks. operating in the financial capital of the u.s., the federal reserve bank of new york is responsible for conducting open market operations, the buying and selling of outstanding u.s. treasury securities. the trading desk is the office at the federal reserve bank of new york that manages the fomc directive to sell or buy bonds. note that the responsibility for "issuing" new u.s. treasury securities lies with the bureau of the public debt. in 2003, fedwire, the federal reserve's system for transferring balances between it and other banks, transferred $1.8 trillion a day in funds, of which about $1.1 trillion originated in the second district. it transferred an additional $1.3 trillion a day in securities, of which $1.2 trillion originated in the second district. the federal reserve bank of new york is also responsible for carrying out exchange rate policy by buying and selling dollars at the discretion of the united states treasury department. the federal reserve bank of new york is the only regional bank with a permanent vote on the federal open market committee and its president is traditionally selected as the committee's vice chairman.currently, it is reputedly the largest gold repository in the world (though this cannot be confirmed as swiss banks do not report their gold stocks) and holds approximately of gold bullion ($415 billion as of october 2011), more than fort knox. nearly 98% of the gold at the federal reserve bank of new york is owned by the central banks of foreign nations. the rest is owned by the united states and international organizations such as the imf. the federal reserve bank does not own the gold but serves as guardian of the precious metal, which it stores at no charge to the owners, but charging a $1.75 fee (in 2008) per bar to move the gold. moving the bars requires special footwear for the staff, to protect their feet in case they drop one of the gold bars weighing . the vault is open to tourists.
federal reserve bank of new york