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The Federal Reserve Board of Governors: oversees research into domestic and international financial conditions. Investigates the effect of banking laws. Regulates member banks to promote stable prices and economic growth.
The Feds main duties include conducting national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services.
The term monetary policy refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.
Jerome H. Powell. Chair. Board of Governors. Philip N. Jefferson. Vice Chair. Board of Governors. Michelle W. Bowman. Governor. Board of Governors. Lisa D. Cook. Governor. Adriana D. Kugler. Governor. Christopher J. Waller. Governor. Lael Brainard. Vice Chair. Board of Governors. Randal K. Quarles. Vice Chair for Supervision.
Current members Current governorPartyTerm startPhilip Jefferson (Vice Chair)DemocraticMay 23, 2022 (as Governor)Michael Barr (Vice Chair for Supervision)DemocraticJuly 19, 2022 (as Vice Chair for Supervision)July 19, 2022 (as Governor)Miki BowmanRepublicanNovember 26, 2018 February 1, 2020 (reappointment)6 more rows
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The three functions of the Federal Reserve are: Serving the banking system, Serving the Federal Government and Creating money.
The Board of Governors guides the operation of the Federal Reserve System to promote the goals and fulfill the responsibilities given to the Federal Reserve by the Federal Reserve Act. All of the members of the Board serve on the FOMC, which is the body within the Federal Reserve that sets monetary policy.
The U.S. central banking systemthe Federal Reserve, or the Fedis the most powerful economic institution in the United States, perhaps the world. Its core responsibilities include setting interest rates, managing the money supply, and regulating financial markets.

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