Federal Reserve Board

From Reuters Financial Glossary

This board runs the Federal Reserve System, which controls US monetary policy and oversees the banking industry. Its seven governors are appointed for 14-year terms by the US President (with Senate approval), but each chairman's term is only four years, thereby allowing each president the possibility of influencing the choice of chairman. The FOMC, a sub-committee of the board, sets US interest rates.

See also: Federal Reserve System, FOMC

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