This group consists of seven members appointed by the President of the United States for 14- year terms:
A) the presidents of the Federal Reserve Banks.
B) the members of the Board of Governors.
C) the members of the Federal Open Market Committee.
D) None of the above answers are correct.

Question

Quizplus · Accepted Answer

The only group appointed by the President of the United States for 14-year terms is the Board of Governors of the Federal Reserve System. The presidents of the Federal Reserve Banks are appointed by each individual bank's board of directors, and the Federal Open Market Committee consists of members from both the Board of Governors and the Federal Reserve Banks. Therefore, B is the correct answer.

This Group Consists of Seven Members Appointed by the President