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.

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.
References in periodicals archive ?
The Federal Open Market Committee decided on August 9, 2005, to raise its target for the federal funds rate 25 basis points, to 312 percent.
Section 10, paragraph 10 of the Federal Reserve Act states: "The Board of Governors of the Federal Reserve System shall keep a complete record of the action taken by the Board and by the Federal Open Market Committee upon all questions of policy relating to open-market operations and shall record therein the votes taken in connection with the determination of open-market policies and the reasons underlying the action of the Board and the Committee in each instance.
The Federal Open Market Committee decided on September 21, 2004, to raise its target for the federal funds rate 25 basis points, to 134 percent.
The Federal Open Market Committee decided on May 4, 2004, to keep its target for the federal funds rate at 1 percent.
In the spring and early summer, the Federal Open Market Committee was concerned that a rise in inflation was the primary threat to the continued expansion of the economy,'' Greenspan said.
Looking to the intermediate-term future, the Federal Reserve boss said the Federal Open Market Committee is prepared to raises rates slowly and steadily over the next 18 months but will react in kind if inflation becomes a legitimate concern.
The Federal Open Market Committee decided on October 28, 2003, to keep its target for the federal funds rate at 1 percent.
Fed Fodder: Wednesday's July fed funds futures contract suggested a 92- percent chance that rates will be hiked at the June 29-30 meeting of the Federal Open Market Committee.
The Federal Open Market Committee decided on August 12, 2003, to keep its target for the federal funds rate at 1 percent.
But based on Greenspan's public statements, economists believe a quarter-point increase in short-term rates is the nearly certain result of today's meeting of the Federal Open Market Committee, the central bank's monetary policy arm.
In addition, he serves on the Federal Reserve System's chief monetary policy body, the Federal Open Market Committee (FOMC).
The Federal Open Market Committee decided on June 25, 2003, to lower its target for the federal funds rate 25 basis points, to 1 percent.