Office of Board Members  

The Board of Governors comprises seven members appointed by the President for fourteen-year terms. The individual programs of the office support the Board of Governors and its responsibilities; facilitate effective communication between the Board and the Congress; provide the public with information concerning Federal Reserve actions and decisions; and increase the public’s understanding of the System’s functions, responsibilities, and policy goals. Responsibilities include:

• Formulating monetary and credit policy for the U.S. domestic policy, in coordination with the international economy
• Coordinating implementation of monetary policy through the Federal Open Market Committee
• Supervising the Federal Reserve Banks and member banks
• Regulating margin requirements, bank holding companies, and foreign banking activities of U.S. banks

  Office of Inspector General  

Designed to serve as an independent and objective unit, the Office of Inspector General’s responsibilities include:

• Conducting and supervising audits, reviews, and investigations
• Leading, coordinating, and recommending approaches to achieve economy and efficiency
• Preventing and detecting fraud and abuse
• Reviewing and commenting on proposed and existing laws and regulations
• Informing the Board and the Congress about problems and their resolution

  Office of the Secretary  

Responsibilities include:

• Coordinating the flow of material requiring Board action to and from Board Members, staff, and the Federal Reserve Banks
• Planning and managing Board meetings
• Preparing, indexing, and circulating Board minutes
• Participating in the review of Federal Reserve regulations, rules, and procedures
• Providing staff liaison for Federal Reserve System groups, such as the Federal Advisory Council and Thrift Institutions Advisory Council
• Coordinating the Board's tour and visitor functions and providing advice on conference and protocol issues
• Maintaining and providing reference services for the Board's official records
• Handling official correspondence and processing public requests for information
• Securing passports and visas for System personnel for official foreign travel
• Providing ad hoc secretarial support to Board Members and senior staff
• Producing the Federal Reserve Regulatory Service and other Board publications

  Office of Staff Director for Management  

Responsibilities include:

• Planning and coordinating Board operations
• Managing Board resources
• Overseeing the operations of the Management Division and the Division of Information Technology

  Division of Banking Supervision and Regulation  

Responsibilities include:

• Supervising and regulating bank holding companies, state member banks, and foreign banking organizations that conduct business in the U.S.
• Enforcing Board policies to maintain the safety and soundness of the banking system through formal written agreements and cease and desist orders
• Regulating the formation and expansion of U.S. banking organizations and foreign banking organizations that conduct business in the U.S.
• Developing System supervisory policy
• Coordinating with foreign and domestic bank supervisory authorities
• Administering federal securities laws that limit the amount of credit extended for purchasing or carrying securities

  Division of Consumer and Community Affairs  

The division helps the Board administer its federal consumer protection responsibilities by:

• Preparing and interpreting regulatory material to ensure it complies with congressional directives and balances consumer protection with industry costs
• Analyzing and developing proposals to improve federal consumer credit protection laws
• Supporting and overseeing the supervisory efforts of Federal Reserve Banks to ensure compliance with the laws
• Processing consumer complaints and reviewing System complaint processing
• Assisting and monitoring the Fed's community affairs activities

  Division of Information Technology  

The division provides a broad range of automation, telecommunications, and statistical services to the Board. It also supports certain information requirements of the Reserve Banks, the Federal Financial Institutions Examination Council, and other federal agencies that regulate banks.

  Division of International Finance  

Responsibilities include:

• Providing the Board, the Federal Open Market Committee, and other Fed officials with assessments of current international economic and financial developments
• Analyzing major economic and financial developments abroad, issues connected with exchange market developments, international financial flow and its implications, international monetary and financial systems, and the balance-of-payments adjustment process
• Providing economic data and analyses for public releases
• Working with the Chairman and other Board members, participating in varied interagency bodies that deal with international economic policy

  Legal Division 

The Legal Division provides legal analysis in support of Board statutory and regulatory responsibilities. Efforts focus on the preparation, legal interpretation, and distribution of information concerning statutes, Board decisions, regulations, rules, instructions, and proposed legislation.

  Management Division  

The Management Division is responsible for the human resources, finance, and facilities management activities of the Board. The division supports all divisions and offices in attracting, developing, and retaining a well-qualified and diverse staff. It manages the Board’s planning and budgeting processes to ensure the efficient and effective use of resources necessary to accomplish Board objectives. It procures necessary goods and services, processes and records the Board’s financial transactions, and prepares the Board’s periodic financial statements.

The division’s facilities management responsibilities encompass support programs necessary for the Board to conduct its business, including food service, mail, supply, duplication, and motor transport. Facilities management also includes building security and maintenance, space management, environmental safety plans and programs, and planning for and completing major capital replacements, acquisitions, and renovations.

The division also manages and operates the personnel security program for the Federal Reserve System and supports the human resource and finance functions of the Federal Financial Institutions Examination Council.

  Division of Monetary Affairs  

The division plans and coordinates programs, memoranda, and analyses, as well as provides decision-making options for monetary and closely related financial policies.

  Division of Research and Statistics  

The division prepares and develops economic and financial information for use by the Board, the Federal Open Market Committee, and Fed officials. The division also develops economic data and analyses for publication to foster wider understanding of financial and economic issues.

  Division of Reserve Bank Operations  
  and Payment Systems  

The division has a two-part organization: a payment system group and a finance and control group. The division develops policies to promote the efficiency, effectiveness, safety, and soundness of clearing and settlement arrangements. It also oversees the financial affairs and operations of the Federal Reserve Banks.