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The Fed was established in 1913 by the Federal Reserve Act enacted under the Wilson Administration (as shown above in a newspaper published a day after the law passed). The agency originally served to combat laissez-faire economics by enforcing certain trust-busting policies that were previously disregarded by 'Big Business,' as well as provide a crucial vault for the federal government to manage when economic downturns were imminent. The former purpose, however, fell exclusive to Progressive Era politics while the latter only grew in significance, hitting its peak development during the Great Depression. President FDR's fiscal policy only strengthened its dominance in the American banking system by establishing it as the 'central bank of the United States'--implicating that it would be the key moderator in distributing governmental funds to the various banks around the nation so as to keep the economy in check. However, certain strategies held of the Fed's monetary policy have rendered it controversial and 'pendulum-like' in its politics, despite it being a neutral government entity.

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The Board of Governors consists of seven, presidentially appointed employees who have extensive experience in fiscal policy. Under their 14-year terms, these officials serve as the key proponents in deciding the Fed's monetary policy to manage inside (federal) as well as outside (open market) operations. Their inside operations consist of overseeing federal banks while their outside ones consist of managing and regulating the nation's money supply by carefully distributing it among the nation's banks, hence indirectly affecting the open market.

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The 12 Federal Reserve banks serve to represent the 12 different financial districts dispersed throughout the nation by offering various banking services to both the public and private (federal) sectors. These entities play a more direct role in adjusting the economy in their open market operations--almost acting as the Fed's chess pieces to maneuver when the market undergoes a few twists and turns. They fulfill the Fed's monetary policy strategies by either reducing or increasing lending, depending on whether bond buyers remove or add reserves to the banks, which would respectively contract or expand the money supply.

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The Federal Open Market Committee consists of the stream of communication between the Board of Governors and the 12 Federal Reserve Banks. The FOMC checks in with the federal banks scattered about the nation through holding periodic meetings throughout the fiscal year, as well as determines what form of monetary policy should be taken in order to adjust the economy. Tweaking interest rates and the money supply would consist of actions taken spurring from its decision-making.

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The Fed serves as the ultimate economic stabilizer for the nation to depend upon whenever a significant downturn in the market arises, establishing itself as an entity certain to assist those hurting from unfair market conditions. The Fed monitors government spending while speculating the open market economy as well, sometimes taking action through conducting monetary policy. It can manipulate the production of the U.S. dollar by either increasing or decreasing reserves to its constituent banks, incentivizing them to either reduce or increase lending, tipping the market into a more of a demand-side or supply-side economy.

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The FOMC is holding a 2-day meeting (from today to this Wednesday) addressing the percent interest rate it will implement for the upcoming fiscal year. Its proposed rates consist of somewhere around 5.25-5.50%, about 3% above the target rate. However, the Fed has stated that the economy is doing well and that this value just reflects the gradual decline the market will have to make to take control of inflation rates.

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Nope, but the most recent one did happen back in September of this year where Philip Jefferson had been appointed vice-chair position by President Biden after the previous official had retired early. There is a fed bank (in St. Louis) that has a vacancy, however, though no new news has addressed that. Another spot in Cleveland will open up in 2024 once the official has hit retirement age.