Explain the mission of the Federal Reserve and details its structure.

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The mission of the Federal Reserve is to promote the stability and sustainability of our nation’s economy by conducting monetary policy, supervising and regulating banking institutions, providing financial services for government entities, and promoting fairness and consumer protection. Each major American city has 12 Regional Banks that implement policies set forth by the seven-member Board of Governors. The Federal Open Market Committee (FOMC) is comprised of 24 members banks that represent the private sector. This committee sets U.S. Monetary Policy through open markets operations, such as the purchase and sale of government securities. It also regulates the money supply. While the Board of Governors are appointed by President Trump with Senate approval, FOMC members can be elected from the respective directors of each bank.

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