Glossary: The Federal Reserve: Structure and personnel

The Federal Reserve system is made up of the Federal Reserve Banks (also known as State Reserve Banks) and a seven-member Board of Governors based in Washington. New members join the board every two years to replace officials who have reached the end of their 14-year tenure.

Members of the Federal Reserve system can be classified as hawks or doves. Hawks tend to concentrate on avoiding inflation; doves are also interested in employment.