The Federal Reserve Board is the core governing body of the Federal Reserve System. It is a federal government agency with its office located in Washington, DC.
The term “Fed” is generally used to refer to the reserve system as a whole, not its committee.
The current chairman of the Federal Reserve Board (and therefore the head of the Federal Reserve System as a whole) is Jerome Powell.
The Commission shall be composed of seven members (including one Chairman and one Vice Chairman, and five members) nominated by the President of the United States and confirmed by the Senate, the upper house of the United States Congress, for a term of four years (the Chairman and the Vice Chairman shall serve four-year terms, subject to reappointment).
The Federal Reserve System (Fed) is the central bank of the United States. It was created by the Federal Reserve Act in 1913 to prevent another banking crisis like the one in 1907.
The system consists of the Federal Reserve Board, the Federal Reserve Bank, and the Federal Council. It also has about 3,000 member banks and three advisory boards.
