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(US GOVERNMENT) one of two governing boards of the US [Federal Reserve System] (the Usonian Central Bank). The FRB consists of seven governors appointed by [the White House] to staggered terms of 14 years. Governor appointments are subject to Senate confirmation. The FRB sets monetary policy. Its seven members also serve on the other governing board of the Fed, the FOMC. However, the FRB has sole [responsibility] for discount rates and reserve requirements, and it is also responsible for enforcement of banking regulation.
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