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FEDPOLICY.ORG
Plain-language explainers on federal economic and legislative policy

The Federal Reserve

The central bank of the United States sets short-term interest rates, supervises much of the banking system, and manages a balance sheet of several trillion dollars. This page explains how each of those works and links to every explainer in the cluster.

Standing explainer · maintained continuously ·Last updated Sep 7, 2026 · 8 articles in this cluster
Where to start
  1. 01 What is the Federal Reserve?
  2. 02 What is the FOMC?
  3. 03 The Fed's dual mandate, explained
  4. 04 What happens when interest rates rise

The dual mandate

Rate decisions

The balance sheet

How the Fed is organised

The Board of Governors

Retrieved from the Board's membership page on Oct 17, 2026, 9:43 a.m. ET. Seats can be vacant, and terms expire on a staggered schedule — the Board's own page is authoritative.

Chair

A governor designated to the role for a four-year term and separately confirmed by the Senate. Chairs the FOMC, testifies to Congress twice a year, and is the institution's public voice — but holds one vote of twelve.

Vice Chair

Also a four-year designation. Chairs the FOMC in the chair's absence.

Vice Chair for Supervision

Created by the Dodd-Frank Act in 2010. Leads the Board's bank supervision and regulation work, a role distinct from monetary policy.

Governor

Seven in total including those above, each appointed to a fourteen-year term staggered so one expires every two years. The length is deliberate: it is meant to outlast any single President.