The Board of Governors of the Federal Reserve System is an independent U.S. government agency comprising seven members who are appointed by the President and confirmed by the Senate, serving staggered 14-year terms. The Board is tasked with implementing monetary policy, setting the discount rate, and regulating and supervising banks, with the aim of promoting maximum employment, stable prices, and moderate long-term interest rates. Alongside the Board, the 12 regional Federal Reserve Banks provide financial services and act as lenders of last resort, supporting the broader financial system.
Together, the Board and the regional banks work to maintain financial stability and support economic growth, balancing policy actions with the goal of steady, sustainable progress for workers and households across the economy.