Federal Reserve Board(redirected from The Federal Advisory Council)
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Federal Reserve Board (FRB)
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.
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.