Try to identify the emphasis for each part of the original and assign percentages. Then write a summary that retains the originai emphasis.

Reading

The Federal Reserve System, commonly called the Fed, is an independent agency of the United States government charged with overseeing the national banking system. Since 1913, the Federal Reserve System has served as the central bank for the United States. The Fed's primary function is to control monetary policy by influencing the cost and availability of money and credit through the purchase and safe of government securities. If the Federal Reserve provides too little money, interest rates tend to be high, borrowing is expensive, business activity slows down, unemployment goes up, and the danger of a recession is augmented. On the other hand, if there is too much money, interest rates decline, and borrowing can lead to excess demand, pushing up prices and fueling inflation. In addition to controlling the money supply, the Fed has several other responsibilities. In collaboration with the U.S. Department of the Treasury, the Fed puts new coins and paper currency into circulation by issuing them to banks. It also supervises the activities of member banks abroad and regulates certain aspects of international finance.

The Federal Reserve System consists of twelve district reserve banks and their branch offices along with several committees and councils. All national commercial banks are required by law to be members of the Fed, and all deposit-taking institutions like credit unions are subject to regulation by the Fed regarding the amount of deposited funds that must be held in reserve and that, by definition, therefore, are not available for loans. The most powerful body is the seven-member board of governors in Washington, appointed by the president and confirmed by the Senate. Although it is true that the Federal Reserve does not depend on Congress for budget allocations, and therefore is free from the partisan politics that influence most of the other governmental bodies, it is still responsible for frequent reports to the Congress on the conduct of monetary policies.

In many ways, the Federal Reserve is like a fourth branch of the United States government because it is composed of national policy makers. However, in practice, the Fed does not stray from the financial policies established by the executive branch of the government.

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