This year, with Deputy Prime Minister and Finance Minister Aso, I co-chair the G20 Finance Ministers and Central Bank Governors Meetings. We are discussing a wide range of issues at the G20, including those related to the Sustainable Development Goals (SDGs). 1 To tackle global challenges such as the SDGs, it is essential for the private and public sectors to cooperate with each other.
To carry out this multi-faceted mission, the Congress established a highly decentralized Federal Reserve System with a complex governance structure. Leadership and direction are vested in the Board of Governors, but only about 1,700 staff (out of about 24,900) work for the Board in Washington. The regional Reserve Banks carry out the bulk of operations and have substantial autonomy.