A seven-member Board of Governors is the core of the Federal Reserve System, a.k.a. the Fed. The chairman and vice chairman of the Fed are members of the Board of Governors.

Governors are appointed by the president and confirmed by the Senate to staggered 14-year terms that begin on Feb. 1 of even-numbered years. Appointees to unexpired terms may be reappointed; servers of full terms may not. The chairman and vice chairman are named by the president and confirmed by the Senate to four-year terms within the governor's term.