Federal Reserve Board (West's Encyclopedia of American Law)
The Federal Reserve System, established by the Federal Reserve Act (12 U.S.C.A. § 221), is the central BANK OF THE UNITED STATES. The Federal Reserve is charged with making and administering policy for the nation's credit and monetary affairs and helps to maintain the banking industry in sound condition.
The Federal Reserve Board of Governors, or Federal Reserve Board, has broad supervisory powers over the functions of the Federal Reserve System. It determines general monetary, credit, and operating policies for the Federal Reserve System and formulates the rules and regulations that are necessary to carry out the purposes of the Federal Reserve Act. A primary function of the board is to influence credit conditions, such as interest rates, in the nation's marketplace. The board regulates the amount of credit that may be initially extended and subsequently maintained on any SECURITIES, in order to prevent an excessive use of credit for their purchase or carrying.
The Federal Reserve Board office is located in Washington, D.C. The board is composed of seven members, appointed by the president of the United States with the advice and consent of the Senate. The chair of the board must be chosen from among the seven governors and serves a four-year renewable term. Other board members serve one nonrenewable fourteen-year term, with...
(The entire section is 1367 words.)
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