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As President Obama prepares to appoint a new chairman to the Federal Reserve, here are five things you need to know about the powerful government institution and how it affects your life.

5 things you need to know about the Federal Reserve

For many Americans, President Obama's pick for the next head of the Federal Reserve is just another boring Beltway fight.But it could have serious repercussions on your everyday life. Every time you swipe a debit or credit card, pay an ATM fee or take out a loan for a car, education or home, you're governed by the Federal Reserve's policies.The powerful government organization is tasked with the enormous job of overseeing the United States economy and its thousands of financial ...

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