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