The Federation, since the signing of the Deliverance Accords, has always acted as an organization with two branches: The Military arm based on Mars, and the Civic branch based on Earth. Both branches of the Federation have become highly dependent on each other.
Further, the Federation also includes the Carrier Fleet. Other than the relatively young Olympus, all of the interstellar carriers of the Federation are considered independent entities. They are related only by their association with Mars.
Finally, the colonies that lie outside the Solar system. While all colonies are technically part of the Federation, with the full protections and rights of the Deliverance Accords, the enforcement of Federation law on these colonies depends on the frequency by which Federation can threaten censure by way of the Olympus. As a practical matter, the more far-flung colonies that require multiple jumps to get through may develop their own laws and customs. In general, the Federation will turn a blind eye to deviations it doesn't view as reasonable to correct.
The civic branch of the Federation is responsible for the issuing and the management of currency, regulating the colony bonds, and legislating the civic law of the Federation proper. If any other branch of the Federation is in need of money, it has to go through the civic branch of the Federation.
The primary legislative body is the Assembly. The Assembly consists of an increasing number of representatives that are elected from the various districts of the Federation, including Colonies. Because a political office on Earth is a highly desirable occupation, competition is fierce for these spots. Each district, by the Deliverance Accords, is allowed to elect their representatives in their own way without Federation influence. Colonial Administrators with prosperous colonies will frequently campaign to be elected as a Delegate.
The Assembly is further divided into Boards to facilitate the timely processing of requests. Since the Assembly proper is very large, with many heads clamoring for different pet causes, it is trivial for the full Assembly to debate and filibuster themselves into a standstill. Therefore, the full Assembly only meets once per year – a symbolic event that is highly televised and broadcast throughout the Federation. During day to day operations, the Assembly Boards handle their specific domains, and Delegates with specific agendas will attend the meetings of the Boards that concern them. Each board of Delegates is assumed to be acting the with the consent of the full Assembly unless the Assembly overrides it with a majority vote, though this has yet to occur.
Currently, there are 6 active Boards: Colonial Relations, Legislative Board, MCC Liaison, Budget and Funding, Solar Board, Internal Affairs. Each Board hold a meeting on a weekly basis on a unique day, this allows for an individual Delegate to attend and keep informed of the goings on with the other boards if they so chose. In reality, underlings will attend most weekly Board meetings, with Delegates only taking part in the Board that holds their concern at the time.