Also known as the Board of Governors of the Federal Reserve System. A federal government agency that:
Supervises and regulates the Federal Reserve Banks (www.practicallaw.com/4-386-5610).
Is responsible for the US's payment system.
Administers most of the US laws regarding consumer credit protection.
Supervises banking institutions and banking activities including State chartered banks that have elected to join the Federal Reserve System (www.practicallaw.com/2-386-5611), bank holding companies (www.practicallaw.com/4-384-4321), foreign activities of member banks and US activities of foreign banks.
The FRB is composed of seven members who are appointed by the President and confirmed by the US Senate.