Board Of Governors Of The Federal Reserve System

What does Board Of Governors Of The Federal Reserve System mean in American Law?

The definition of Board Of Governors Of The Federal Reserve System in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

The governing body of the federal system of reserve banks. There are seven members having fourteen- year terms, who are not subject to direct control by either the executive or legislative branches of government. The Board has general supervision over the operation and policies of the twelve regional banks and their branches, but its most important, or at least most salient, function lies in its power to affect the availability and price of credit, principally by modifying the reserve banks” discount rate, thus controlling the amount of money available to banks for lending to the public.