Federal Reserve Board of Governors Law and Legal Definition

Federal Reserve Board of Governors refers to the Board of Governors who oversees the Federal Reserve System. The Federal Reserve System is the central banking system of the United States. It is made up of seven members who are appointed by the President and confirmed by the Senate. The full term of a Board member is 14 years, and the appointments are staggered so that one term expires on each even-numbered year. After serving a full term, a Board member may not be reappointed. If a member leaves the Board before his or her term expires, however, the person appointed and confirmed to serve the remainder of the term may be later reappointed to a full term.

The Chairman and Vice Chairman who lead the Board are also appointed by the President and confirmed by the Senate.