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Simple English definitions for legal terms
Reserve Board
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A quick definition of Reserve Board:
Reserve Board: The Reserve Board, also known as the Federal Reserve Board of Governors, is a group of seven people who oversee the Federal Reserve System and make decisions about money and credit policies for the entire country. These members are chosen by the President and approved by the Senate to serve for 14 years. The Reserve Board is often abbreviated as FRB.
A more thorough explanation:
A Reserve Board, also known as the Federal Reserve Board of Governors, is a group of people who supervise the Federal Reserve System and make decisions about national monetary and credit policies. The board is made up of seven members who are nominated by the President and confirmed by the Senate for 14-year terms. The abbreviation for the Federal Reserve Board is FRB.
When the economy is struggling, the Reserve Board might decide to lower interest rates to encourage people to borrow money and spend more. This can help stimulate the economy and create jobs.
Another example is when the Reserve Board decides to increase the money supply by buying government bonds. This can help lower interest rates and make it easier for people to borrow money for things like buying a house or starting a business.
These examples illustrate how the Reserve Board can use its power to influence the economy and help promote growth and stability.