Federal Reserve Board
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Federal Reserve Board (FRB) or Board of Governors of the Federal Reserve System, is the main governing body of the Federal Reserve System, the central bank of the United States. It is responsible for conducting the nation's monetary policy, supervising and regulating banking institutions, and maintaining the stability of the financial system.
Mission
The mission of the Federal Reserve Board is to promote the health of the U.S. economy through monetary policy aimed at achieving maximum employment, stable prices, and moderate long-term interest rates. Additionally, it oversees the operation of the U.S. payment system, supervises and regulates banking organizations, and protects consumers’ rights in financial transactions.
Parent organization
The Federal Reserve Board operates independently but within the broader Federal Reserve System, which does not have a parent organization above it but works in concert with the 12 Federal Reserve Banks.
Legislation
The FRB was established by the Federal Reserve Act of 1913, which created the Federal Reserve System in response to a series of financial panics.
Partners
- The 12 Federal Reserve Banks. - Various federal agencies like the U.S. Department of the Treasury. - International financial institutions like the Bank for International Settlements.
Number of employees
The Federal Reserve Board employs over 400 people, with many being Ph.D. economists.
Organization structure
- Board of Governors consists of seven members, including the Chair, Vice Chair, and Vice Chair for Supervision, all appointed by the President and confirmed by the Senate.
- Federal Open Market Committee (FOMC) includes the Board members along with five rotating Reserve Bank presidents to set monetary policy.
- Numerous divisions handle specific functions like Monetary Affairs, Banking Supervision and Regulation, and Consumer and Community Affairs.
List of programs
- Monetary Policy Operations
- Bank Supervision and Regulation
- Consumer Financial Protection
Last total enacted budget
The Federal Reserve Board does not receive a budget from Congress; it is self-funded through its operations, primarily through the earnings of the System Open Market Account.
Leader
Jerome H. Powell serves as the Chair of the Federal Reserve Board.
Services provided
The FRB conducts monetary policy to influence interest rates, employs regulatory oversight over banks to ensure stability and compliance with laws, provides banking services for the U.S. government, and issues Federal Reserve Notes (U.S. currency). It also engages in research and analysis to inform policy decisions.
Regulations overseen
The Federal Reserve Board is responsible for implementing and enforcing a wide array of regulations, including but not limited to those under the Bank Holding Company Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and various consumer protection laws like the Truth in Lending Act and the Home Mortgage Disclosure Act.
Headquarters address
20th Street and Constitution Avenue NW, Washington, DC 20551
Website
https://www.federalreserve.gov
Wikipedia article
wikipedia:Federal Reserve Board of Governors
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