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Federal Reserve Act

The law that created and defined the powers of the Federal Reserve System, the central banking system of the United States.

Board of Governors of the Federal Reserve System

The main governing body of the Federal Reserve System, consisting of seven members appointed by the President and confirmed by the Senate, responsible for overseeing the Federal Reserve Banks and setting monetary policy.

Federal Reserve Bank

One of the twelve regional banks that, along with the Board of Governors, make up the Federal Reserve System. They carry out central banking functions in their districts, such as supervising banks and providing financial services.

Full-time equivalent employees (FTE)

A unit of measure indicating the workload or staffing level of an employee or a group of employees, where one FTE equals one full-time employee working a standard work week.

Supervision activities of financial institutions

The oversight and examination performed by the Federal Reserve to ensure that banks and other financial firms under its jurisdiction are operating safely and soundly and complying with laws and regulations.

Open market operations

The buying and selling of government securities in the open market by the Federal Reserve to influence the supply of money and credit, which is a key tool for conducting monetary policy.