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The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States .
Federal Reserve Chairs (left to right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.Photo taken 1 May 2014, when Yellen was Chair. As stipulated by the Banking Act of 1935, the Chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate.
Key takeaways. The Federal Reserve’s board of governors is responsible for overseeing the broader Fed system, as well as supervising and regulating financial institutions.
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
Eccles, the first head of the U.S. central bank under its current structure, was appointed by Franklin Roosevelt and later reappointed by the Democratic president. McCabe was appointed by Democrat ...
7 Governors of the Federal Reserve System (14-year terms of office — Chair and vice chair, who first must be confirmed as governors, also need to be confirmed for four-year terms in those offices.) 3 Members of the National Credit Union Administration (political balance required; six-year terms of office)
G. William Miller's swearing in ceremony as Federal Reserve Chairman, with Chief Justice Warren E. Burger (right), Vice-President Walter F. Mondale (right), President Jimmy Carter (left), and Ariadna R. Miller (center) in March 1978. When President Jimmy Carter took office, Nixon-appointee Arthur Burns was the Chairman of the Federal Reserve ...
The Federal Reserve System in the United States is generally regarded as one of the more independent central banks. The Federal Reserve System is an independent government institution that has private aspects. The System is not a private organization and does not operate for the purpose of making a profit. [13]