The Board of Governors of the Federal Reserve System is often referred to as the Federal Reserve Board or simply as the Fed. Sometimes, it is also called the central bank of the United States. This group of seven individuals is appointed by the President and confirmed by the Senate, and they are responsible for overseeing the nation's monetary policy. Additionally, they supervise and regulate banking institutions, and they work to maintain the stability of the country's financial system. In some contexts, the Federal Reserve System may also be referred to as the Fed Reserve. Regardless of the terminology used, the Board of Governors plays a critical role in the United States economy.