Board of Governors of the Federal Reserve System

Established by the Federal Reserve Act signed into law on December 23, 1913, the Board serves as the core governing body for the nation's central banking system. Created to address a series of financial panics in the early 20th century, this entity operates out of the Marriner S. Eccles Federal Reserve Board Building in Washington, D.C., which has housed its operations since 1937. Unlike private corporations, the Board functions as an independent government agency designed to remain free from direct political control while staying accountable to Congress.

The leadership structure consists of seven members appointed by the President and confirmed by the Senate for staggered 14-year terms. As of late September 2026, Chairman Kevin M. Warsh leads the board alongside Vice Chair for Supervision Michelle W. Bowman and Vice Chair Philip N. Jefferson. This mix of appointees from different administrations aims to ensure continuity in monetary policy decisions regardless of the political climate.

The Board does not sell consumer products or generate revenue through traditional sales. Instead, it funds its operations primarily through interest earned on U.S. government securities held in its open market portfolio and fees collected for services like check clearing. In recent years, substantial net income has been generated, though these funds are typically remitted back to the U.S. Treasury after covering operational expenses. Its closest functional counterparts globally include the European Central Bank and the Bank of England, but no direct competition exists within the U.S. financial system. [edit]