Business and Personal Finance Dictionary

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• THE FED
  
  Congress founded the Federal Reserve Board, the central bank of the United States, in 1913. It conducts the nation's monetary policy and regulates its banks in order to achieve a flexible and stable economy. The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate to serve 14-year terms. The chairman of the Board of Governors is Alan Greenspan. The chairman and the vice chairman of the board are named by the president from among the members and are confirmed by the Senate. They serve a term of four years.
  
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