It consists of a Board of Governors appointed by the president what does this excerpt describe

§ 221.2 Board of Governors.

(a) Composition. The Board of Governors consists of 11 members. Nine governors are appointed by the President of the United States, by and with the advice and consent of the Senate. Not more than five governors may be adherents of the same political party. The governors are chosen to represent the public interest generally, and they may not be representatives of specific interests using the Postal Service. The governors may be removed only for cause. The postmaster general and the deputy postmaster general are also voting members of the Board of Governors.

(b) Responsibilities. The Board of Governors directs the exercise of the powers of the Postal Service, reviews the practices and policies of the Postal Service, and directs and controls its expenditures.

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The term board of governors refers to a group of people that oversees or manages the running of an institution. The U.S. Postal Service, the BBC, the World Bank, numerous colleges and universities, as well as professional organizations (such as the CFA Institute), and regulatory bodies (such as the Financial Industry Regulatory Authority (FINRA)) all have boards of governors. In the financial world, the best-known board of governors is that of the Federal Reserve, the United States' central bank.

• A board of governors is a group of people appointed to oversee an organization's operations, including financial matters.
• The most well-known board of governors is the Federal Reserve, whose responsibilities include analyzing domestic and international economic developments and overseeing operations of the Federal Reserve Banks.
• A board of directors is an appointed group that oversees a corporation's business.
• The Federal Reserve's board of governors is nominated by the President and is confirmed by the Senate.
• A competent and well-organized board of governors is seen as a key component of the success of an organization.

The U.S. central bank's board of governors is composed of seven individuals who are appointed by the president and confirmed by the Senate. Members of the board of governors serve 14-year terms, running on a staggered basis to ensure continuity.

Legally, appointments to the board are to consist of a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country.” In practice, appointments have predominantly been of academics and former banking professionals.

Only one governor can represent a Federal Reserve District.

The board of governors has seven of the 12 seats on the Federal Open Market Committee (FOMC), the body responsible for setting U.S. monetary policy. The current Federal Reserve Board has six members, with one vacancy as of May 2022. The presidents of five of the 12 regional Reserve Banks make up the remaining members of the FOMC. The chair of the Fed’s board of governors is responsible for chairing the FOMC.

The Federal Reserve Board:

• Analyzes domestic and international economic developments
• Supervises and regulates the operations of the Federal Reserve Banks
• Has responsibility for America's payments system
• Oversees and administers most consumer credit protection laws

The board has authority over changes in reserve requirements, and it must approve any change in the discount rate initiated by a Federal Reserve Bank.

Members of the board frequently testify before congressional committees on the economy, monetary policy, banking supervision and regulation, consumer credit protection, and financial markets. They are also responsible for supervising the work of the regional Fed banks, including approving budgets and appointing directors.

The current Federal Reserve Chair is Jerome Powell. Recent, notable chairs of the Fed’s Board of Governors include:

• Janet Yellen, the first female chair to be appointed and served from 2014 to 2018
• Ben Bernanke, who led the Fed from 2006 to 2014 and oversaw a range of unconventional monetary policy actions to address the financial crisis of 2007-2008 and the recession that followed
• Alan Greenspan, whose time as chair spanned nearly 20 years and four presidential administrations

There have been a total of 16 Chairs of the Board of Governors of the Federal Reserve of the United States.

Non-profit organizations, government divisions, and higher academic institutions typically have a board of governors as their governing body rather than a board of directors. Corporations, as required by law, have a board of directors appointed to oversee financial decisions and business operations.

When two or more boards exist within an entity, the board of governors often reigns supreme as the decision-making authority.

A maximum of seven governors can serve on the Board of Governors of the Federal Reserve. The members of the current Board of Governors of the Federal Reserve are Jerome H. Powell, Lael Brainard, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, and Christopher J. Waller. One seat remains vacant as of May 2022.

The governors of the Board of Governors of the Federal Reserve are nominated by the President of the United States of America and confirmed by the U.S. Senate.

The purpose of the staggered terms is to ensure stability and continuity over time.

The current chair of the Federal Reserve is Jerome H. Powell. He was sworn in for a second four-year term on May 23, 2022. He assumed the role following his confirmation in February 2018.

The 12 banks of the Federal Reserve are the Federal Reserve Banks of San Francisco, Minneapolis, Dallas, Kansas City, St. Louis, Chicago, Cleveland, Atlanta, Boston, New York, Richmond, and Philadelphia.

A board of governors is a group of highly qualified individuals that are responsible for overseeing and managing an institution. Most institutions, from corporations to nonprofit organizations to media outlets to government bodies have a board of governors. The most well-known board of governors is that of the U.S. Federal Reserve Board.