11-15-2013 4-00-10 PMToday, the opening price on the E-mini S&P was (1791.25). At 11:50 a.m. US/Eastern time, the market double bottomed at (1788). The high price of the day (1796) was hit at 4:05 p.m. US/Eastern time. It is said that the second most powerful person in Washington behind the President of the United States is the chairman of the Federal Reserve. The Federal Reserve was created by the Federal Reserve Act of 1913. Based in Washington, it is represented nationally by a dozen regional reserve banks. The Fed’s primary job is to oversee billions of daily payment transactions, ensure safety, flexibility and stability in the financial system. A group of seven governors oversee the operation of the Fed, headed by a chairman (currently Ben Bernanke) and the presidents of the twelve regional banks. The Fed also conducts monetary policy through a group called the Federal Open Market Committee (FOMC). The FOMC meets eight times a year to review the economy and financial system’s current state. Afterwords, a statement is given that outlines the Feds current thinking and any actions that were taken or concerns that were raised. On a regular basis, the Fed chairman meets with Congress to explain the board’s thinking and address lawmaker’s concerns. Current chairman Bernanke holds a quarterly press conference to answer questions for financial media.