The answer is district 2 or the Federal Reserve Bank of New York. Because the task of district 2 is to implement monetary policy, oversee and regulate financial institutions and help maintain the country's payment system.
<h2>Further Explanation
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The Federal Reserve System (also called the Federal Reserve, or informally the Fed) is the central bank of the United States. This institution was founded in 1913 with the enactment of the Federal Reserve Act, mainly in response to the financial panic in 1907.
The main entity structure of the Fed
As a central bank that guards the gates of the US economy, the Fed has a very complex task. But this is not a problem, because the Fed has three main entities that support it. The following structure is the main entity of the Fed.
1. Board of Governors
The Board of Governors is the main entity or key occupying the top position in the structure of the Fed. This entity is an independent form of the central government institution. In its management, the US President has the authority to appoint seven Board members, including for his chair and deputy positions, which are later confirmed by the US Senate.
The term of office of members of the Board of Governors is quite long, namely for 14 years. However, if the term of office has ended, then it cannot be reappointed. While for the chairman and deputy chairman of the Board of Governors, the term of office is relatively short, namely 4 years, but can be reappointed to occupy the same position if the term of office has ended. The main task of the Board of Governors is to oversee the Federal Reserve System.
2. 12 Federal Reserve Banks
The second position in the structure of the Fed is 12 Federal Reserve Banks, which are Federal Reserve banks that operate independently but are under the supervision of the Board of Governors. This entity is named according to the location of its headquarters, namely Atlanta, Boston, Chicago, Cleveland, Dallas, City of Kansas, New York, Philadelphia, Minneapolis, Richmond, San Francisco, and St., Louis. In its management, each of the 12 Federal Reserve Banks is established separately and has a board of directors consisting of nine members. These banks are tasked with doing administrative-related work, which includes:
- Oversee and inspect member banks.
- Lending to depository institutions to ensure liquidity in the financial system.
- Provides major financial services and functions as a bank for the US Treasury.
- Research certain financial institutions to ensure and enforce compliance with consumer protection and fair loan laws.
- Every bank leader is required to be able to make a positive contribution to the discussion of monetary policy by serving on the Federal Open Market Committee.
3. Federal Open Market Committee
The Federal Open Market Committee is the main entity of the Fed which occupies the lowest structure. Its main task is to make important policies and decisions regarding interest rates and other monetary policies. Membership in this entity is a combination of two previous entities, namely seven members of the Board of Governors and five reserve bank presidents, each of whom participated in discussions on monetary policymaking.
List of 12 Federal Reserve Districts are as follows:
- Federal Reserve Bank of Boston
- New York Federal Reserve Bank
- Federal Reserve Bank of Philadelphia
- Federal Reserve Bank of Cleveland
- Federal Reserve Bank of Richmond
- Federal Reserve Bank of Atlanta
- Federal Reserve Bank of Chicago
- Federal Reserve Bank Louis
- Federal Reserve Bank of Minneapolis
- Federal Reserve Bank of Kansas City
- Federal Reserve Bank of Dallas
- Federal Reserve Bank of San Francisco
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Grade: Middle School
Subject: Social studies
keywords: The Federal Reserve System
