Federal Reserve Board of Governors

The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System of the United States of America. It oversees the Federal Reserve Banks and the implementation of the monetary policy of the United States.

Each governor is appointed by the president of the United States and confirmed by the Senate to staggered 14-year terms, such that the tenures of all seven members span multiple presidential and congressional terms. Members who have served a full term are not eligible for reappointment, although governors who were initially appointed to serve an uncompleted term may be reappointed to a full term.

All seven board members of the Federal Reserve Board of Governors, along with the five Federal Reserve Bank presidents, are members of the Federal Open Market Committee, which directs the open market operations that sets monetary policy. The law provides for the removal of a member of the board by the president "for cause".

The chair and vice chair are appointed by the president from among the sitting Governors. They both serve a four-year term and can be renominated by the president as many times until their terms on the board expire. The current chair is Jerome Powell; the current vice chair is Philip Jefferson. The Federal Reserve Board is headquartered in the Eccles Building on Constitution Avenue, N.W. in Washington, D.C.