Complete the following statements to demonstrate your understanding of the relationships among the different structures of the Federal Reserve.

The Board of Governors of the Federal Reserve is in charge of setting and overseeing monetary policy and is headed by the _________.
Monetary policy is supposed to be _ Congress and the president. This goal is aided by the fact that the governors' ____ them to outlast the president who appointed them.
Because Congress initially intended to create a decentralized banking system, there are also smaller branches of the Federal Reserve known as district banks. The presidents of the district banks take turns serving as members of the _-.
The Federal Open Market Committee (FOMC) is the official policy making body of the Federal Reserve and is made up of ___.
The mechanism for translating FOMC policy into action is , which outlines the course of monetary policy for the next six weeks.

Monetary policy is supposed to be THE RESPONSIBILITY OF Congress and the president. This goal is aided by the fact that the governors' TENURE IS MORE THAN them to outlast the president who appointed them.

Because Congress initially intended to create a decentralized banking system, there are also smaller branches of the Federal Reserve known as district banks. The presidents of the district banks take turns serving as members of the FEDERAL OPEN MARKET COMMITTEE.

The Federal Open Market Committee (FOMC) is the official policy making body of the Federal Reserve and is made up of TWELVE MEMBERS.

The mechanism for translating FOMC policy into action is INSTRUCTIONS ISSUED BY THE FOMC TO THE FEDERAL RESERVE BANK OF NEW YORK, which outlines the course of monetary policy for the next six weeks.