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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.
Among the responsibilities of the Board of Governors are to guide monetary policy action, to analyze domestic and international economic and financial conditions, and to lead committees that study current issues, such as consumer banking laws and electronic commerce.
Today, the Fed is tasked with managing U.S. monetary policy, regulating bank holding companies and other member banks, and monitoring systemic risk in the financial system. The seven-member Board of Governors, the systems seat of power, is based in Washington, DC, and currently led by Fed Chair Jerome Powell.
About the FOMC The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy. The Federal Reserve controls the three tools of monetary policy--open market operations, the discount rate, and reserve requirements.
The Federal Reserve sets U.S. monetary policy to promote maximum employment and stable prices in the U.S. economy.
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Federal Reserve Board - Monetary Policy.
Board of Governors of the Federal Reserve System All of the members of the Board serve on the FOMC, which is the body within the Federal Reserve that sets monetary policy.
The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of the conduct of monetary policy and economic developments and prospects for the future. This report⁠called the Monetary Policy Report⁠is submitted semiannually to the Senate Committee on Banking

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