The members of the Board of Governors of the Fed are:
A)elected by the member banks.
B)chosen by the state governors.
C)elected for seven-year terms.
D)all replaced after each Presidential election.
E)appointed by the president with the approval of the Senate.

Question

Quizplus · Accepted Answer

The members of the Board of Governors of the Fed are appointed by the president with the approval of the Senate. This is established by the Federal Reserve Act of 1913. The Board consists of seven members who serve 14-year terms, with one term expiring every two years to ensure continuity.

The Members of the Board of Governors of the Fed