What entities in the Federal Reserve System control the discount rate?

The entities within the Federal Reserve System that have the power to control the discount rate are the individual Federal Reserve Banks. By controlling the discount rate, these regional banks influence the interest rates charged to commercial banks and other depository institutions for borrowing short-term funds from the Federal Reserve.

To determine which Federal Reserve Banks control the discount rate, you can refer to publicly available sources such as the official website of the Board of Governors of the Federal Reserve System. On this website, you will find a breakdown of the twelve regional Federal Reserve Banks, their locations, and contact information. Each of these banks has its own board of directors, consisting of nine members, three of whom are appointed to represent the interests of commercial banks within their respective districts. These directors play a significant role in establishing the discount rate and implementing monetary policy.

To keep yourself updated on changes to the discount rate, you may check the press releases and announcements made by the Federal Reserve or subscribe to their newsletters. Additionally, financial news outlets and economic websites often report on changes to the discount rate and provide analysis on the implications for the economy.