Federal Reserve Board - Federal Reserve Board (2023)

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Structure of the Federal Reserve System

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(Video) Federal Reserve Chair Jerome Powell addresses interest rates - 3/22 (FULL LIVE STREAM)

Federal Reserve Board

Federal Reserve Board - Federal Reserve Board (1)

The Board of Governors--located in Washington, D.C.--is the governing body of the Federal Reserve System. It is run by seven members, or "governors," who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate. The Board of Governors guides the operation of the Federal Reserve System to promote the goals and fulfill the responsibilities given to the Federal Reserve by the Federal Reserve Act.

All of the members of the Board serve on the FOMC, which is the body within the Federal Reserve that sets monetary policy.

Board Appointment

Each member of the Board of Governors is appointed for a 14-year term; the terms are staggered so that one term expires on January 31 of each even-numbered year. After serving a full 14-year term, a Board member may not be reappointed. If a Board member leaves the Board before his or her term expires, however, the person nominated and confirmed to serve the remainder of the term may later be appointed to a full 14-year term.

The Chair and Vice Chair of the Board are also appointed by the President and confirmed by the Senate, but serve only four-year terms. They may be reappointed to additional four-year terms. The nominees to these posts must already be members of the Board or must be simultaneously appointed to the Board.

Board Responsibilities

The Board oversees the operations of the 12 Reserve Banks and shares with them the responsibility for supervising and regulating certain financial institutions and activities. The Board also provides general guidance, direction, and oversight when the Reserve Banks lend to depository institutions and others and when the Reserve Banks provide financial services to depository institutions and the federal government. The Board also has broad oversight responsibility for the operations and activities of the Federal Reserve Banks. This authority includes oversight of the Reserve Banks' services to depository institutions, and to the U.S. Treasury, and of the Reserve Banks' examination and supervision of various financial institutions. As part of this oversight, the Board reviews and approves the budgets of each of the Reserve Banks.

(Video) LIVE: Chairman Powell speaks after Federal Reserve hikes interest rates by 25 basis points — 3/22/22

The Board also helps to ensure that the voices and concerns of consumers and communities are heard at the central bank by conducting consumer-focused supervision, research, and policy analysis, and, more generally, by promoting a fair and transparent consumer financial services market.

Board of Governors of the Federal Reserve System Organizational Chart (PDF)

Divisionof Board Members (PDF)

Division of Consumer and Community Affairs (PDF)

Office of the Chief Operating Officer (PDF)

Division of Financial Management (PDF)

(Video) Federal Reserve poised to hike interest rates amid banking turmoil

Division of Financial Stability (PDF)

Division of International Finance (PDF)

Division of Information Technology (PDF)

Legal Division (PDF)

Division of Monetary Affairs (PDF)

Division of Management (PDF)

Office of Inspector General (PDF)

(Video) WATCH LIVE | Fed Chair Jerome Powell Post-Meeting Press Conference

Office of the Secretary (PDF)

Division of Research and Statistics (PDF)

Division of Reserve Bank Operations and Payment Systems (PDF)

Division of Supervision and Regulation (PDF)

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Last Update: March 01, 2023

(Video) Federal Reserve to share interest rate hike decision amid banking crisis


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What does the Federal Reserve Board do?

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Who controls the Federal Reserve Board?

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What does the Federal Reserve Board have control over?


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3. Federal Reserve set to make pivotal decision on interest rates
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4. Federal Reserve Caught Between Inflation and Banking Crisis
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5. The Fed should go ahead with 25 bps rate hike: Fmr. Richmond Fed President Jeffrey Lacker
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6. FOMC Press Conference March 22, 2023
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