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Explain each element of the structure of the Federal Reserve System: 1. Board of Governors (BOG) 2. Federal Open Market Committee (FOMC) 3. Federal Reserve

Explain each element of the structure of the Federal Reserve System:

1. Board of Governors (BOG)

2. Federal Open Market Committee (FOMC)

3. Federal Reserve Reserve Banks (Regional Banks)

4. Member Banks

5. Federal Advisory Board

6. Trading Desk

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