The Federal Reserve Board is a part of the Federal Reserve System. There are seven members on the board, and theyre the ones in charge of making decisions on behalf of the Federal Reserve System, actually. The goal is to provide fair representation to the American people when making decisions regarding financial regulations and monetary policies.
Example: Whenever theres an opening on the Federal Reserve Board, new members are nominated by the sitting president and confirmed by the US Senate. As of January 2021, the most recent appointed board member was Chris Waller on December 18th, 2020. Judy Shelton was nominated on January 4th, 2021, for a vacant position.