“The president single-handedly wiped out Americans’ retirement savings overnight and subjected businesses to intense whiplash with his increasingly erratic and chaotic policies that continue to drive consumer and business uncertainty.”
“The president single-handedly wiped out Americans’ retirement savings overnight and subjected businesses to intense whiplash with his increasingly erratic and chaotic policies that continue to drive consumer and business uncertainty.”
Yeah, it’s definitely confusing, and the news is always loose with the terminology.
The Federal Reserve is the entire system. The board sets policy and the 12 district banks execute it. It’s this weird quasi-governmental thing. Nominally it’s supposed to be independent and not part of the government even though it was created by an act of Congress and the board is appointed by the president. The idea is that by making it independent, it’ll be free from political influence and can focus on its mission, including making tough decisions that will cause pain in the short term.