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Glossary Term: FEDERAL RESERVE BOARD

Definition(s) for FEDERAL RESERVE BOARD:

1. ) refers to the central bank of the United States. The Federal Reserve (or 'Fed') oversees money supply, interest rates, reserve requirements and credit. The Federal Reserve System is governed by a seven-member board who are appointed by the President for 14 year terms. Board members play an important role in determining the country's monetary policy which, in turn, strongly influences the country's economic activity.

2. ) The federal agency with rule-writing authority for the Truth in Lending Act, of which the Consumer Leasing Act is part; officially known as the Board of Governors of the Federal Reserve System. The Board also performs other functions related to U.S. monetary policy, financial system stability, bank supervision and regulation, and the nation's payments system.

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