Board of Governors of the Federal Reserve System

The Board of Governors of the Federal Reserve System is the central governing agency of the United States' central bank, based in Washington, D.C. Its members are appointed by the President and confirmed by the Senate, and the Board oversees the twelve regional Federal Reserve Banks and supervises the broader Federal Reserve System. The Board guides national monetary policy and participates in the Federal Open Market Committee, which sets the federal funds rate target. It also has responsibilities for bank supervision and regulation and for promoting the stability of the financial system. The Federal Reserve operates with a degree of independence from day-to-day political control, while remaining accountable to Congress.