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== Governance == | == Governance == | ||
The FRB is governed by a board of 5 members, 4 of those being chosen by [[Congress]] (called "Sitting Board Members"), and 1 being the [[Secretary of the Department of Commerce]], ''ex officio''. | The FRB is governed by a board of 5 members, 4 of those being chosen by [[Congress]] (called "Sitting Board Members"), and 1 being the [[Secretary of the Department of Commerce]] (DOC), ''ex officio''. | ||
Sitting Board Members are nominated by majority in the [[House of Representatives|House]], and confirmed via supermajority in the [[Senate]]. Once a motion to nominate a member is proposed, a joint hearing for that nominee is opened. Sitting Board Members serve terms of up to 4 months that start and end 2 months apart, similar to how seats in the Senate work, divided into two classes. They can be reconfirmed to serve another term within 7 days of the expiration of their term. | Sitting Board Members are nominated by majority in the [[House of Representatives|House]], and confirmed via supermajority in the [[Senate]]. Once a motion to nominate a member is proposed, a joint hearing for that nominee is opened. Sitting Board Members serve terms of up to 4 months that start and end 2 months apart, similar to how seats in the Senate work, divided into two classes. They can be reconfirmed to serve another term within 7 days of the expiration of their term. | ||
The Secretary of the DOC, while considered a full board member, cannot vote unless to break a tie, and is ineligible to become Governor or Lieutenant-Governor. | |||
The | The [[Governor of the FRB]] has the executive authority and is the principal representative of the FRB. They may delegate their powers and responsibilities to the [[Lieutenant Governor of the FRB|Lieutenant Governor]]. The Governor's duties include ensuring the good management of the FRB, ensuring compliance with all laws and regulations, and executing the laws and policy within the purview of the FRB. The Governor, as well as the Lieutenant Governor, are chosen from an internal election by majority vote. | ||
Each member has 1 vote, and there is a minimum quorum of 2 votes in order for any decision to be made. | |||
== Powers == | == Powers == | ||
== History == | == History == | ||
The FRB was created on... | The FRB was created on... | ||
Revision as of 15:54, 26 June 2026
(Work in progress!)
The Federal Reserve Bank (FRB) is the national bank of Redmont. It is mandated with managing the health of the economy, operating independently, and being transparent about its operations.[1]
Governance
The FRB is governed by a board of 5 members, 4 of those being chosen by Congress (called "Sitting Board Members"), and 1 being the Secretary of the Department of Commerce (DOC), ex officio.
Sitting Board Members are nominated by majority in the House, and confirmed via supermajority in the Senate. Once a motion to nominate a member is proposed, a joint hearing for that nominee is opened. Sitting Board Members serve terms of up to 4 months that start and end 2 months apart, similar to how seats in the Senate work, divided into two classes. They can be reconfirmed to serve another term within 7 days of the expiration of their term.
The Secretary of the DOC, while considered a full board member, cannot vote unless to break a tie, and is ineligible to become Governor or Lieutenant-Governor.
The Governor of the FRB has the executive authority and is the principal representative of the FRB. They may delegate their powers and responsibilities to the Lieutenant Governor. The Governor's duties include ensuring the good management of the FRB, ensuring compliance with all laws and regulations, and executing the laws and policy within the purview of the FRB. The Governor, as well as the Lieutenant Governor, are chosen from an internal election by majority vote.
Each member has 1 vote, and there is a minimum quorum of 2 votes in order for any decision to be made.
Powers
History
The FRB was created on...