Federal Reserve is and does what? “Sets Interest Rates”

Simplified: Mortgage, Real Estate & Economics

Janet Yellen confirmed as Federal Reserve chairman//

The Senate confirmed Janet L. Yellen on Monday as the next leader of the Federal Reserve, placing her in charge of ensuring that the nation’s economy makes a full recovery.

The Senate confirmed Janet Yellen as the first woman to lead the Federal Reserve, elevating an advocate of fighting unemployment and a backer of the central bank’s efforts to spur the economy with low interest rates and massive bond purchases.

Her nomination passed the chamber 56 to 26 on its first day back in session after winter recess despite opposition from some Republicans who have advocated for greater oversight of the central bank. Yellen, currently second in command, will be the first woman to be in the top job at the Fed when she takes office Feb. 1.

 

What is the Federal Reserve?

It is the nation’s central bank, composed of a…

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