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Federal Reserve
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The impetus for creating a central banking entity arose from recurring liquidity crises, notably the Panic of 1907. Unlike European counterparts such as the Bank of England, the US financial structure resisted central authority due to deeply ingrained suspicions regarding concentrated financial power. The Aldrich-Vreeland Act of 1908 established the [National Monetary…
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Federal Reserve
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The Board of Governors
The Board of Governors, located in Washington, D.C., consists of seven members appointed by the President of the United States and confirmed by the Senate to staggered 14-year terms. The Chair and Vice Chair are selected from among the Governors for four-year terms. This long tenure is intended to insulate Governors from short-term political pressures, allowing for l…