What is Federal Reserve Board?

Legal Definition
The governing body of the US banking system, comprised of seven governors appointed by the US president. The board, which holds a voting majority on the FEDERAL OPEN MARKETS COMMITTEE, sets the DISCOUNT RATE and MARGIN requirements, establishes RESERVE REQUIREMENTS for national BANKS, and supervises the financial system at large through regulatory policies and declarations. See also FEDERAL RESERVE BANKS, FEDERAL RESERVE SYSTEM.