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Board of Governors of the Federal Reserve System

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Board of Governors of the Federal Reserve System
The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply.

Board of Governors of the Federal Reserve System
A committee of the Federal Reserve charged with implementing monetary policy of the United States. It consists of seven members appointed by the President of the United States and confirmed by the Senate. The chairman of the Board also serves as Chairman of the Federal Reserve. Members serve for staggered, 14-year terms. The length of service is designed to give the Board as much independence from Congress, and therefore immediate political expediency, as possible. The Board makes an annual report on its operation to the Speaker of the House of Representatives and its members serve ex officio on the Federal Open Market Committee.


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Friedman says he remained on the board of directors after Goldman Sachs became a bank holding company after receiving a waiver from the Board of Governors of the Federal Reserve System "to provide continuity during a time of financial instability.
The council is made up of representatives of several agencies that regulate financial services, and it prescribes uniform principles, standards and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System, the FDIC, NCUA, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
The Senate confirmed Tarullo on Tuesday to an unexpired term ending January 31, 2022 on the Board of Governors of the Federal Reserve System.
 
 
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