Board of Governors
The Board of Governors is a group of individuals responsible for overseeing the Federal Reserve System, the central banking system of the United States. The Board of Governors is composed of seven members, appointed by the President of the United States and confirmed by the Senate. The Board of Governors is responsible for setting monetary policy, regulating banks, and providing financial services to the public. The Board of Governors is also responsible for supervising and regulating the operations of the Federal Reserve Banks.
History of the Board of Governors
The Board of Governors was established in 1913 with the passage of the Federal Reserve Act. The Act created the Federal Reserve System, which was designed to provide a more stable and secure financial system for the United States. The Board of Governors was given the responsibility of overseeing the Federal Reserve System and ensuring that it operated in the best interests of the public. The Board of Governors is responsible for setting monetary policy, regulating banks, and providing financial services to the public.
Table of Comparisons
| Board of Governors | Federal Reserve Banks |
|---|---|
| 7 Members | 12 Banks |
| Appointed by President | Owned by Member Banks |
| Sets Monetary Policy | Implements Monetary Policy |
| Regulates Banks | Provides Financial Services |
Summary
The Board of Governors is a group of seven individuals responsible for overseeing the Federal Reserve System, the central banking system of the United States. The Board of Governors is responsible for setting monetary policy, regulating banks, and providing financial services to the public. For more information about the Board of Governors, visit the Federal Reserve website or the Board of Governors website.
See Also
- Federal Reserve System
- Monetary Policy
- Federal Reserve Banks
- Federal Reserve Act
- Interest Rates
- Banking Regulation
- Financial Services
- Federal Open Market Committee
- Federal Funds Rate
- Discount Rate
