• 0 Posts
  • 18 Comments
Joined 2 years ago
cake
Cake day: July 1st, 2023

help-circle







  • Yeah, it’s definitely confusing, and the news is always loose with the terminology.

    The Federal Reserve is the entire system. The board sets policy and the 12 district banks execute it. It’s this weird quasi-governmental thing. Nominally it’s supposed to be independent and not part of the government even though it was created by an act of Congress and the board is appointed by the president. The idea is that by making it independent, it’ll be free from political influence and can focus on its mission, including making tough decisions that will cause pain in the short term.