1. The Fed is ? owned by member ? that are part of the Federal Reserve System. 2. The Board of ? consists of seven members who are appointed by the president and approved by the ? 3. There are ? district banks in the Fed system that are located in different ? of the country. 4. The Federal ? Market Committee makes key decisions regarding monetary policy through its ability to raise or lower ? ?. 5. The most important Fed committee is the Federal ? Council, which meets several times a year to provide advice to the Federal Reserve Board on matters concerning the overall ? of the economy