STRUCTURE

The Federal Reserve System has both private and public components, and can make decisions without the permission of Congress or the President of the U.S. The System does not require public funding, and derives its authority and purpose from the Federal Reserve Act passed by Congress in 1913. The two main aspects of the Federal Reserve System are the Federal Open Market Committee and regional Federal Reserve Banks located throughout the country.

BOARD OF GOVERNORS
The seven-member Board of Governors is a federal agency and is the main governing body of the Federal Reserve System. It is charged with overseeing the 12 District Reserve Banks and setting national monetary policy. It also supervises and regulates the U.S. banking system in general. Governors are appointed by the President of the United States and confirmed by the Senate for staggered 14-year terms. The Board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives. The Chairman and Vice Chairman of the Board of Governors are appointed by the President from among the sitting Governors. They both serve a four year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire, butregardless of whether either is reconfirmed for their chairmanship or vice chairmanshiphe or she is free to complete their term on the Board of Governors.

LIST OF MEMBERS OF THE BOARD OF GOVERNORS

The current members of the Board of Governors are as follows:

Commissioner Ben Bernanke (Chairman) Janet Yellen (Vice Chairman)

Entered office February 1, 2006

Term expires January 31, 2020 January 31, 2014 (as Chairman) January 31, 2024 October 4, 2014 (as Vice Chairman)

October 4, 2010

Kevin Warsh Elizabeth Duke Daniel Tarullo Sarah Bloom Raskin Vacant

February 24, 2006 August 5, 2008 January 28, 2009 October 4, 2010

January 31, 2018 January 31, 2012 January 31, 2022 January 31, 2016