The Federal Reserve System Board of Governors is the regulatory body that governs the functions and operations of the Federal Reserves. The member are appointed by the President and confirmed by the Senate. The Federal Reserve System Board of Governors consists of 7 members. Their term is for 14 years after which there would be another round of selection for a new committee. They represent an independent federal government agency and do not receive any funding from the Congress. Apart from overlooking and supervising the functions of the US Federal Reserves Banks they also look over the US banking system in general.
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