Federal Reserve Board
(US GOVERNMENT) one of two governing boards of the US Federal Reserve System (the Usonian Central Bank). The
FRB consists of seven governors appointed by the White House to staggered terms of 14 years.Governor appointments are subject to Senate confirmation.The FRB sets monetary policy. Its seven members also serve on the other governing board of the Fed, the
FOMC. However, the FRB has sole responsibility for discount rates and
reserve requirements, and it is also responsible for enforcement of banking regulation.