13 The Federal Reserve banks located in major U.S. cities are supervised by what individual or organization? President of the U.S. Federal Reserve Board General Accounting Office Secretary of the Treasury

## Step 1<br />The Federal Reserve System, often referred to as the Federal Reserve or simply "the Fed," is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act. The system is composed of a Board of Governors, 12 regional Federal Reserve Banks, numerous privately owned U.S. member banks, and various advisory councils.<br /><br />## Step 2<br />The Federal Reserve Banks located in major U.S. cities are supervised by the Federal Reserve Board. The Federal Reserve Board is an independent agency of the federal government that oversees the Federal Reserve System. The Board is composed of seven members, including the Chair, who are nominated by the President of the United States and confirmed by the Senate.<br /><br />## Step 3<br />The Federal Reserve Board is responsible for setting monetary policy, supervising and regulating banking institutions, and maintaining the stability of the financial system. The President of the U.S., the General Accounting Office, and the Secretary of the Treasury do not have direct supervisory authority over the Federal Reserve Banks.