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Definitions for: board of governors
board of governors

seven-member board, appointed by the President of the United States and confirmed by the Senate, governing the Federal Reserve System. Federal Reserve governors, who serve for 14-year terms, set reserve requirements for depository financial institutions; approve the discount rate for short-term Reserve Bank loans to financial institutions, as proposed by each of the 12 Federal Reserve Banks; regulate state chartered member banksand bank holding companies; and cast a majority of the votes on the influential Federal Open Market Committee (FOMC), through which the Federal Reserve directsmonetary policy. The chairman of the Board of Governors, serving a four-year term, is the senior policy maker in the Federal Reserve System, and represents the Federal Reserve before Congress and federal agencies.

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Industry Associations

Industry Associations
National Governors Association
Governors of the 50 states, Guam, American Samoa, the Virgin Islands, the Northern Mariana Islands, and Puerto Rico. Serves as vehicle through which governors influence the development and implementation of ...

Members: 55
Founded: 1908