Federal Reserve Board

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Federal Reserve Board (FRB)

The seven-member governing body of the Federal Reserve System, which is responsible for setting reserve requirements, and the discount rate, and making other key economic decisions.
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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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Federal Reserve Board

The seven governing members of the Federal Reserve System who are appointed by the President for 14-year terms. Board members play an important role in determining the country's monetary policy which, in turn, strongly influences economic activity.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
The Federal Advisory Council comprises one member from each of 12 Reserve Bank Districts, generally from the commercial banking industry.
21 November 2013 -- US regional branch of central bank The Federal Reserve The Federal Reserve Bank of San Francisco said that its board of directors has reappointed Michael Shepherd to represent the District on the Federal Advisory Council for a third one-year term beginning January 2014.
The Federal Advisory Council, a body created by the Federal Reserve Act, consists of one member generally from the commercial banking industry from each of the twelve Reserve Bank Districts.
The Federal Advisory Council has asked the Federal Reserve to take the initiative to protect the financial services industry from cyber attacks.
King has been appointed to serve as the Fifth District representative on the Federal Advisory Council by the directors of the Federal Reserve Bank of Richmond.
The Federal Advisory Council, which is a body of bankers, has asked the Federal Reserve to consider restricting Wal-Mart's (NYSE: WMT) access to offering certain financial services.