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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 .
The board of governors is one of three key pillars making up the broader Federal Reserve System, along with the 12 regional reserve bank presidents and the Federal Open Market Committee (FOMC).
The patronage system thrived in the U.S. federal government until 1883. In 1820 Congress limited federal administrators to four-year terms, which led to constant turnover; by the 1860s and the Civil War, patronage had led to widespread inefficiency and political corruption. Although it used to be confined to cabinet positions, department heads ...
The Federal Reserve System is composed of five parts: [3] [7] The presidentially appointed Board of Governors (or Federal Reserve Board), an independent federal government agency located in Washington, D.C.
This category is for boards, commissions and committees that do not fall under the jurisdiction any one of the three main branches of the United States federal government. For investigative commissions, or commissions convened in a conference or investigative formats, rather than as a formal ongoing agency, please see Category:United States ...
The Federal Open Market Committee was formed by the Banking Act of 1933 (codified at 12 U.S.C. § 263) and did not include voting rights for the Federal Reserve Board of Governors. The Banking Act of 1935 revised these protocols to include the Board of Governors and to closely resemble the present-day FOMC and was amended in 1942 to give the ...
The FEC was established in 1974, in an amendment of the Federal Election Campaign Act (FECA), to enforce and regulate campaign finance law. [8] Initially, its six members were to be appointed by both houses of Congress and the president, reflecting a strong desire for Congress to retain control. [8]
Additionally, the board won all 30 injunction and all 16 representation cases before the lower courts, a rate of success unequalled by any other federal agency. [ 40 ] AFL opposition to the "Madden Board" grew after decisions in Shipowners' Ass'n of the Pacific Coast , 7 NLRB 1002 (1938), enf'd American Federation of Labor v.