(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, 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.
Powers
History
The FRB was created on...