FIN 400 - Management of Financial Institutions The Federal Reserve (Fed) System consists of, a. Board of Governors, b. Federal Reserve Banks and Branches over the country, and c. The Federal Open Market Committee. The Fed has centralized as the U.S. has evolved from a confederation of regional economies to a truly national economy. The 12 Federal Reserve Banks, once largely autonomous in their respective regional districts, remain operationally important but have lost their authority to set monetary policy. They are a minority (5 votes out of 12) on the FOMC, which sets U.S. monetary policy under ultimate control of the Board of Governors. Answer the following Questions: 1. How has the Federal Reserve's balance sheet changed since 2008 till 2020? 2. Why have these changes occurred and what are their implications? 3. How can the Federal Reserve govern and monitor policy implications during times of financial crisis? 4. Comment your findings about such changes over the number of years