If every member of the Federal Reserve Board remained in office until the end of their term, President Blank could currently only nominate zero members. The Federal Reserve System is governed by the Board of Governors of the Federal Reserve System, usually referred to as the Federal Reserve Board (FRB).
The Banking Act of 1935 authorized the creation of the FRB. A "fair representation of the financial, agricultural, industrial, and commercial interests" is what the members are required by law to provide. The Federal Reserve acts as the country's central bank and is responsible for overseeing the Federal Reserve System as a whole.
The Federal Reserve Board (FRB) and the Federal Reserve System make the monetary policy decisions for the United States. Addressing banking panics was the Federal Reserve System's principal stated purpose for existence.
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