a bank that belongs to the federal reserve system is called a
Federal Reserve System The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed Board of Governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks.[15][16][17] Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region. The Federal Open Market Committee (FOMC) sets monetary policy. It consists of all seven members of the Board of Governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time (the president of the New York Fed and four others who rotate through one-year voting terms). There are also various advisory councils. Thus, the Federal Reserve System has both public and private components.[list 2] It has a structure unique among central banks, and is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.[22]
Second Bank of the United States The essential function of the bank was to regulate the public credit issued by private banking institutions through the fiscal duties it performed for the U.S. Treasury, and to establish a sound and stable national currency.[11][12] The federal deposits endowed the BUS with its regulatory capacity.[5][13]
United States Congress The United States Congress is the bicameral legislature of the Federal government of the United States consisting of two chambers: the Senate and the House of Representatives.
United States Congress The United States Congress is the bicameral legislature of the federal government of the United States consisting of two chambers: the Senate and the House of Representatives.