of the Federal Reserve Board
The Relationship between the Federal Reserve System
and the Government
Congress oversees the entire Federal Reserve System.
And the Fed must work within the objectives established by Congress.
Yet Congress gave the Federal Reserve the autonomy to carry out
its responsibilities insulated from political pressure. Each of
the Fed's three parts the Board of Governors, the regional
Reserve Banks and the Federal Open Market Committee operates
independently of the federal government to carry out the Fed's core
responsibilities. For more information, see In Plain English
on the web site of the Federal Reserve Bank of St. Louis at http://www.stlouisfed.org/publications/pleng/default.html.