Board of Governors
The Board of Governors is the federal agency that governs the Federal Reserve System, oversees Reserve Banks, and exercises monetary, supervisory, and payment authority.
U.S. Federal Reserve institutions, policy bodies, regional banks, statutory authority, currency, accounts, and balance-sheet analysis.
Federal Reserve System and U.S. Policy explains how the U.S. central bank is organized, who makes monetary-policy decisions, how regional Reserve Banks operate, and how Federal Reserve law, currency, accounts, and balance-sheet items affect finance.
Start with the Federal Reserve System for the full structure. Use Board of Governors, Federal Reserve Banks, Federal Reserve Chair, or Federal Open Market Committee when the identity and authority of the decision maker matter.
This branch is U.S.-specific. Other central banks use different boards, councils, regional structures, mandates, and operating frameworks. It sits inside Central Banking and Reserves for broader comparisons.
| Area | Use it for |
|---|---|
| Federal Reserve System | The three key entities and five broad functions of the U.S. central bank. |
| Board of Governors | The federal agency that governs the System and oversees the Reserve Banks. |
| Federal Reserve Banks | The 12 regional operating banks, their districts, services, supervision, and policy roles. |
| Federal Reserve Chair | The Board leadership role and its limits, appointment, accountability, and communication responsibilities. |
| Federal Open Market Committee | The committee that sets the stance of U.S. monetary policy. |
| Federal Reserve Act | The current statutory framework for the System’s structure, powers, and accountability. |
| Federal Reserve Balance Sheet | Reserve Bank assets and liabilities, including securities, reserves, currency, and Treasury deposits. |
| Federal Reserve Notes | U.S. paper currency issuance, distribution, legal-tender status, and balance-sheet treatment. |
| Bank Reserves | Reserve balances, Federal Reserve master-account access, settlement, and liquidity evidence. |
Central-bank terms are educational context; they are not rate forecasts or recommendations to borrow, lend, trade, or invest.
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
The Board of Governors is the federal agency that governs the Federal Reserve System, oversees Reserve Banks, and exercises monetary, supervisory, and payment authority.
The Federal Open Market Committee sets the stance of U.S. monetary policy and directs open-market operations through a rotating voting structure.
The Federal Reserve Act is the federal law that created the Federal Reserve System and defines much of its authority, structure, and accountability.
The Federal Reserve balance sheet records Reserve Bank assets, liabilities, and capital and shows how monetary operations change reserves, currency, and other accounts.
The 12 Federal Reserve Banks are regional operating arms of the U.S. central bank, serving districts, payments, supervision, lending, and policy implementation.
The Federal Reserve Chair leads the Board of Governors and traditionally chairs the FOMC, but monetary and regulatory decisions remain collective.
Federal Reserve notes are U.S. paper currency issued under federal law, distributed through Reserve Banks, and recorded as Federal Reserve liabilities in circulation.
The Federal Reserve System is the U.S. central bank, combining a federal Board, 12 regional Reserve Banks, and the FOMC.