The U.S. banking system consists of

(a) the Board of Governors of the Federal Reserve System,

(b) the 12 Federal Reserve Banks, and

(c) some 6,800 commercial banks and 8,700 thrift institutions (mainly credit unions). The Board of Governors is the basic policymaking body for the entire banking system. The directives of the Board and the Federal Open Market Committee (FOMC) are made effective through the 12 Federal Reserve Banks, which are simultaneously

(a) central banks,

(b) quasi-public banks, and

(c) bankers’ banks.