UK Accounting Glossary
A Board of Governors is the collective name given to the individuals who oversee the operation of an institution directly serving the public interest. A Board of Governors serves a function similar to that of a Board of Directors for US corporation. While a Board of Governors presides over Amtrak, the US Postal Service, universities and similar “public companies,” the Board of Governors is most commonly used in reference to the Federal Reserve Board of Governors. The Federal Reserve Board of Governors is the central policy-making body of the Federal Reserve System and consists of seven members who are appointed by the President and confirmed by the Senate. The Board of Governors’ principle responsibilities include analyzing international and domestic financial developments, overseeing and regulating the 12 Federal Reserve Banks as well as assuring the creditworthiness US banking system as a whole. The entire Board of Governors comprises seven of the 12 seats of the Federal Open Market Committee which determines our nation’s monetary policy. The Board of Governors also has sole discretion over US banks’ reserve requirement.
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This glossary post was last updated: 4th February 2020.