September 24, 2021
Economy

WILLIAMS: The Federal Reserve’s role in the economy | Local News

One of the most influential organizations to our economy in the United States is the Federal Reserve Board. Many people don’t notice the substantial impact the decisions of the governors of this board effect on the lives of citizens.

Why is it important to understand the role of this agency in your life? It affects how much you pay in interest on your mortgage, car loans, credit card balances and other credit instruments involving the banking system of our country.

The Federal Reserve Board (referred to simply as “the Fed”) was created on December 23, 1913 through the Federal Reserve Act. Seven Governors guide the functions of the board with each Governor appointed by the President and confirmed by Senate. A full term on the board is fourteen years…

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