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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 majority of U.S. banks are not members of the Federal Reserve System. Federal Deposit Insurance Corporation (FDIC)-insured banks, national banks (N) and state members (SM) are members of the Federal Reserve System while the rest of the FDIC-insured banks are not members. Each charter type is defined as follows: [47]
A bank's stock ownership does not give it proportional voting power to choose the Reserve Bank's directors; instead, each member bank receives three ranked votes for six of the Reserve Bank's nine directors, who are subject to qualifications defined in the Federal Reserve Act. If a Reserve Bank were ever dissolved or liquidated, the Act 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 FOMC is made up of 12 members: the seven board of governors, the president of the regional New York Fed and four other Reserve Bank presidents located throughout the country.
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.
The Federal Reserve uses its balance sheet during severe recessions to influence the longer-term interest rates it doesn’t directly control, such as the 10-year Treasury yield, and consequently ...
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.