Principles of Macroeconomics / Unit 12 MAC 1102 short lesson, about 20 seconds
The Structure of the Federal Reserve
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The idea
The Federal Reserve is deliberately semi-decentralised. A Board of Governors of seven members sits at the centre, appointed to fourteen-year staggered terms. Twelve regional banks sit beneath it, and a Chair speaks for the whole.
In practice
The long staggered terms exist to insulate decisions from short political cycles.
Where people slip
The course teaches the office and its powers, never the office-holder.
Your place on the trail
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