Board of governors

Seven-member managing body of the Federal Reserve System commonly called the Federal Reserve Board. The board sets policy on issues relating to banking regulations as well as to the Money Supply.

Seven-member managing body of the Federal Reserve System; commonly called Federal Reserve Board. The board sets policy on issues relating to banking regulations as well as to the Money Supply. Regulating the money supply is important for regulating inflation, interest rates, and economic growth.

Seven-member board, appointed by the President of the United States and confirmed by the Senate, governing the Federal Reserve System. Federal Reserve governors, who serve for 14-year terms, set Reserve Requirements for depository financial institutions; approve the Discount Rate for short-term Reserve Bank loans to financial institutions, as proposed by each of the 12 Federal Reserve Banks; regulate state chartered Member Banks and bank holding companies; and cast a majority of the votes on the influentialFederal Open Market Committee through which the Federal Reserve directs Monetary Policy. The chairman of the Board of Governors, serving a four-year term, is the senior policy maker in the Federal Reserve System, and represents the Federal Reserve before Congress and federal agencies.

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