Departments & agenciesView all actions on the Federal Register
Federal Reserve System
CommissionsFor-cause removalSelf-funded
At a glance
Type
Independent regulatory commissions
Removal of leadership
Removable only for cause
Appointed by
Members appointed by the President, confirmed by the Senate
Structure
7-member board · led by the Chair
Term
14-year term · staggered
Funding
Outside annual appropriations
Independence
Most insulated
By statute (12 U.S.C. § 242) governors are removable only 'for cause.' Trump v. Wilcox (2025) expressly carved the Fed out as a 'uniquely structured, quasi-private entity,' signaling its for-cause protection survives even as the Court weakens removal protections elsewhere. Trump v. Cook (argued Jan. 21, 2026; pending as of June 2026) is the first-ever attempted for-cause removal of a sitting governor; at argument the Court signaled skepticism of the removal and appeared likely to keep Cook in office.
What it does
The Federal Reserve is the central bank of the United States. Through its Board of Governors and the Federal Open Market Committee, it conducts monetary policy to pursue maximum employment and stable prices, and it supervises and regulates banks and helps keep the financial system stable. Its decisions affect interest rates, the money supply, and the safety of the banking system nationwide.
Financial
How it fits
Created by Congress under the Federal Reserve Act (12 U.S.C. ch. 3 (Board membership of seven at 12 U.S.C. § 241; 14-year staggered terms and 'for cause' removal at 12 U.S.C. § 242); Pub. L. 63-43, 38 Stat. 251), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
Recent actions
Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
Enhanced Transparency and Public Accountability of the Supervisory Stress Test Models and Scenarios; Modifications to the Capital Planning and Stress Capital Buffer Requirement Rule, Enhanced Prudential Standards Rule, and Regulation LL
Modifications to the Capital Plan Rule and Stress Capital Buffer Requirement
Request for Comment on Model Changes for the Board's 2027 Supervisory Stress Test
Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company; Withdrawal
Formations of, Acquisitions by, and Mergers of Bank Holding Companies
Change in Bank Control Notices; Acquisitions of Shares of a Savings and Loan Holding Company