Others are state commercial banks that have chosen to be members. Of the more than 9,000 commercial banks in the country, more than 3,700 are members of the Fed.
Reserve requirement
The main thing the Fed does is that it is the Bank that Banks deposit their money in.
All US currency comes from the fed to banks in 100 packs
other banks.
Usually
The Fed's primary policy-making group is the seven-member Board of Governors.
http://newwrestlingfed.proboards.com/index.cgi theres not many members though it is easy and a great e fed/ wrestling fed or so i tink
To a certain extent the banks do. But the Fed, which lends money to banks, can have an impact on it depending on what interest they charge the banks.
monetary policy
The Fed influences banks to lower the interest rate they charge for lending money by adjusting the federal funds rate, which is the interest rate at which banks lend to each other. When the Fed lowers the federal funds rate, it becomes cheaper for banks to borrow money, leading them to lower the interest rates they charge for lending to customers.
The primary responsibility of the central bank is to influence the flow of money and credit in the nation's economy. Members of these banks serve on the Federal Open Market Committee (FOMC). Second, the boards of directors of the Federal Reserve Banks initiate changes in the discount rate, the rate of interest on loans made by Reserve Banks to depository institutions.
The Federal Reserve controls the interest rate at which federal banks lend money. This, in turn, has a cascading effect, in which other banks interest rates are determined based on the rate set by the Fed.