What is the Board of Governors?
The Board of Governors oversees the Federal Reserve System. It is made up of seven members who are appointed by the President and confirmed by the Senate. The full term of a Board member is 14 years, and the appointments are staggered so that one term expires on each even-numbered year. After serving a full term, a Board member may not be reappointed. If a member leaves the Board before his or her term expires, however, the person appointed and confirmed to serve the remainder of the term may be later reappointed to a full term. The Chairman and Vice Chairman lead the Board. They are also appointed by the President and confirmed by the Senate. The nominees to these posts must already be members of the Board or must be simultaneously appointed to the Board. The terms for these positions are four years, but the Chairman and Vice Chairman may be reappointed for additional four-year terms, as long as their term as Board member is active.
The Board of Governors is the organization at the head of the Federal Reserve banking system in the United States. The members of the board make important decisions about monetary policy which are intended to promote a healthy and growing American economy. They also oversee operations at the Federal Reserve Bank or Fed, and they keep an eye on the general condition of the economy. The Board of Governors is headquartered in Washington, DC, and almost 2000 people work in the offices of the Board of Governors. The Fed itself was created by the Federal Reserve Act of 1913, which was designed to create a central banking system for the United States. The act included a provision to establish a Board of Governors to oversee the Fed, stipulating that the Board of Governors would be an independent government agency. Although members of the board are appointed by the President and confirmed by Congress, they operate on their own, without funding from Congress and ideally without political pressu
The Board of Governors, the primary governing body of the Academy, has legal and fiduciary accountability for the association and primary responsibility for direction setting and policy development. The Board works within the framework of the Academy’s Articles of Incorporation, Bylaws and Statement of Strategic Direction.
