This section is from the book "Banking, Credits And Finance", by Thomas Herbert Russell. Also available from Amazon: Banking, credit and finance (Standard business).
The Federal Reserve Board exercises a general supervision over the affairs and management of the Federal Reserve banks. It has the power to discount paper, issue Federal Reserve notes, and perform other banking functions prescribed by the law. It appoints its own officers and employes, and derives its support from assessments levied on the Reserve Banks. Its headquarters are in the Treasury Department at Washington.
 
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