Federal Reserve

The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States.

Organization of the Federal Reserve

The Federal Reserve is comprised of a board of governors. The 7 members of the board are appointed by the President and confirmed by the Senate. Members are elected to terms of 14 years, with the ability to serve for no more than one term. A governor may serve the remainder of another governor's term in addition to their own full term. The Federal Open Market Committee (FOMC) comprises the 7 members of the board of governors and 5 representatives selected from the Federal Reserve Banks. The representative from the 2nd District, New York, is a permanent member, while the rest of the banks rotate on two and three year intervals.

Related Topics:
President - Senate - Federal Open Market Committee - Federal Reserve Banks - New York

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The current members of the Board of Governors are:

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• Alan Greenspan, Chairman
• Roger W. Ferguson, Jr., Vice-Chairman
• Susan Bies
• Donald Kohn
• Mark Olson