Who owns the Fed? You do!

— -- Q: Who owns the Federal Reserve?

A: The Federal Reserve system, commonly called the Fed, has risen to the top of many people's thoughts lately.

Concerns over whether the housing slowdown and mortgage mess will push the economy into a dangerous position has many investors hoping the Fed will help. But who is the Fed and who owns it?

The Fed is the nation's central bank. It is an agency of the U.S. government, meaning, it's owned by the nation's citizens. The Fed was created by an act of Congress on Dec. 23, 1913. The Fed has a seven-member Board of Governors based in Washington D.C. Board members are appointed by the President and confirmed by the Senate for 14-year terms.

The seven Board members make up a majority of the 12-member Federal Open Market Committee, which is the body charged that makes decisions about monetary policy — the nation's short-term interest rates and money supply. The other five voting members of the Open Market Committee rotate among the heads of the 12 Federal Reserve Banks, located in major cities.

If you're interested in learning more about the Fed, there are some excellent online resources. The Federal Reserve Board maintains a website, which has answers to most of your questions. The structure of the Fed is directly addressed here.

There is even an interactive area of the site designed for students, called Fed 101, here.

Matt Krantz is a financial markets reporter at USA TODAY. He answers a different reader question every weekday in his Ask Matt column at money.usatoday.com. To submit a question, e-mail Matt at mkrantz@usatoday.com.