<P> The Federal Reserve System is composed of several layers . It is governed by the presidentially appointed Board of Governors or Federal Reserve Board ( FRB ) . Twelve regional Federal Reserve Banks , located in cities throughout the nation , oversee the privately owned U.S. member banks . Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region , which entitles them to elect some of their board members . The Federal Open Market Committee ( FOMC ) sets monetary policy ; it consists of all seven members of the Board of Governors and the twelve regional bank presidents , though only five bank presidents vote at any given time : the president of the New York Fed and four others who rotate through one - year terms . There are also various advisory councils . Thus , the Federal Reserve System has both public and private components . The structure is considered unique among central banks . It is also unusual in that the United States Department of the Treasury , an entity outside of the central bank , prints the currency used . </P>
<P> The Federal Reserve System is composed of several layers . It is governed by the presidentially appointed Board of Governors or Federal Reserve Board ( FRB ) . Twelve regional Federal Reserve Banks , located in cities throughout the nation , oversee the privately owned U.S. member banks . Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region , which entitles them to elect some of their board members . The Federal Open Market Committee ( FOMC ) sets monetary policy ; it consists of all seven members of the Board of Governors and the twelve regional bank presidents , though only five bank presidents vote at any given time : the president of the New York Fed and four others who rotate through one - year terms . There are also various advisory councils . Thus , the Federal Reserve System has both public and private components . The structure is considered unique among central banks . It is also unusual in that the United States Department of the Treasury , an entity outside of the central bank , prints the currency used . </P>
who is the federal reserve system overseen by
who is the federal reserve system overseen by
Twelve regional Federal Reserve Banks
Twelve regional Federal Reserve Banks