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Country Focus Economy Economy & Banking

The Federal Reserve Board is the issuing authority for Federal Reserve notes, the form of almost all United States currency

The Federal Reserve is the central bank of the United States, created by the Federal Reserve Act.
The Federal Reserve System has two parts: the Board of Governors, a federal agency located in Washington, D.C., and 12 Federal Reserve Banks around the nation, which together have 24 Branches.
The Board is run by 7 members, or "governors", serving staggered 14-year terms, who are nominated by the President of the United States and confirmed by the U.S. Senate.
The Federal Open Market Committee, or FOMC, is a 12-person group that sets monetary policy at meetings held at least 8 times each year; its 12 voting members are the 7 governors, the president of the Federal Reserve Bank of New York, and 4 of the remaining 11 Reserve Bank presidents on one-year rotating terms.
The Federal Reserve Board is the issuing authority for Federal Reserve notes; the Federal Reserve Banks distribute, receive, and process those notes.
More than 99 percent of all U.S. currency in circulation is in the form of Federal Reserve notes.
The notes themselves are printed to the Board's order by the Treasury's Bureau of Engraving and Printing, whose facilities are in Washington, D.C., and Fort Worth, Texas.
Coins are separate: as the issuing authority for coins, the United States Mint determines annual coin production and moves coin from its production facilities in Philadelphia and Denver.

Capital: Washington, D.C. Issuing authority for notes: The Federal Reserve Board Reserve Banks and Branches: 12 Federal Reserve Banks, 24 Branches Board of Governors: 7 members, staggered 14-year terms FOMC voting members: 12, meeting at least 8 times each year Share of currency as Federal Reserve notes: More than 99 percent Cash offices and institutions served: 28 Federal Reserve Bank cash offices serving approximately 8,400 banks, savings and loans, and credit unions System began operations: 1914
Why it matters for exams: A country profile is almost always asked through its capital, its currency and the body that issues that currency, and the Federal Reserve's two-part structure is a standard comparison with the Reserve Bank of India.
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In plain words

FOMC Federal Open Market Committee — The 12-person committee of Federal Reserve officials that decides the stance of United States monetary policy.

BEP Bureau of Engraving and Printing — The United States Treasury body that prints Federal Reserve notes to the order placed by the Federal Reserve Board.

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