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The mission of the Federal Reserve System is to foster the stability, integrity, and efficiency of the nations monetary, financial, and payment systems so as to promote optimal macroeconomic performance.
The Feds board has seven governors, including the chair and two vice chairs: Jerome Powell, chair. Philip Jefferson, vice chair. Michael Barr, vice chair for supervision. Michelle Bowman, governor. Lisa Cook, governor. Adriana Kugler, governor. Christopher Waller, governor.
The chair provides leadership and executes the mandate of the central bank, pushing for maximum employment, stable prices, and long-term interest rates in the moderate range.
Each member of the Board of Governors is appointed for a 14-year term; the terms are staggered so that one term expires on January 31 of each even-numbered year. After serving a full 14-year term, a Board member may not be reappointed.
Current members Current governorPartyTerm start Michael Barr (Vice Chair for Supervision) Democratic July 19, 2022 (as Governor) Miki Bowman Republican November 26, 2018 February 1, 2020 (reappointment) Chris Waller Republican December 18, 2020 Lisa Cook Democratic May 23, 2022 February 1, 2024 (reappointment)6 more rows
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The Board of Governors, located in Washington, D.C., is the federal government agency that regulates banks, contributes to the nations monetary policy, and oversees the activities of Reserve Banks. At the core of the Federal Reserve System is the Board of Governors, or Federal Reserve Board.
The Federal Reserve acts as the U.S. central bank, and in that role performs three primary functions: maintaining an effective, reliable payment system; supervising and regulating bank operations; and establishing monetary policies.
The Feds board of governors refers to the seven officials, or governors, who are responsible for overseeing the 12 reserve banks and the broader Fed system, as well as supervising, regulating and directing the financial institutions and banks that make up the broader U.S. economic landscape.