Federal Reserve Board - FRB

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DEFINITION of 'Federal Reserve Board - FRB'

The governing body of the Federal Reserve System. The seven members of the board of governors are appointed by the president, subject to confirmation by the Senate.

INVESTOPEDIA EXPLAINS 'Federal Reserve Board - FRB'

The board sets Fed policy regarding the discount rate and reserve requirements (among other key economic decisions).

Typically, the chairman of the board of governors is also the chairman of the Federal Reserve Open Market Committee (FOMC).

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