The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the central bank of the United States. The Board was created by the Federal Reserve Act of 1913 and is responsible for the formulation of monetary policy, the supervision and regulation of banks and other financial institutions, and the operation of a nationwide payments system. The Board is composed of seven members who are appointed by the President of the United States and confirmed by the Senate. The Chairman of the Board is also the head of the Federal Reserve System. The Board is headquartered in Washington, D.C. and has approximately 2,000 employees.