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Originally Posted by rottweiler
The Federal Reserve System is divided into two parts: the Federal Reserve Board of Governors, located in Washington DC, and the Federal Reserve District Banks, located throughout the United States. Here is the official website of the Federal Reserve Board of Governors:
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Amongst the 12 Reserve banks, power is further asymmetrically skewed between the NY Fed and the other regional banks.
The NY Fed gets to act as the Fed's broker/agent when engaging in open market operations. It also has a "permanent" seat on the Board of Governors.