Board of Governors of the Federal Reserve System

Established by the Federal Reserve Act in 1913, the Board of Governors of the Federal Reserve System is the principal monetary policymaking body in the United States. It is an independent agency of the federal government responsible for maintaining a stable, secure, and growing economy. The Board's primary duties include conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions. It is comprised of seven members, known as "governors," who are appointed by the President and confirmed by the Senate.