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The Federal Reserve System has a "unique structure that is both public and private", and is described as operating "independently within the government, but independent of it" 1. The System does not require public funding, and derives its authority and purpose from the Federal Reserve Act, which was passed by Congress in 1913 and is subject to Congressional modification or repeal 2. The four main components of the Federal Reserve System are (1) the Board of Governors, (2) the Federal Open Market Committee, (3) the twelve regional Federal Reserve Banks, and (4) the member banks throughout the country.
Figure 3.15 Organization of the Federal Reserve System
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