The members of the Board of Governors of the Federal Reserve are appointed for:
A) 4 years.
B) 7 years.
C) 14 years.
D) life.

Question

Quizplus · Accepted Answer

According to the Federal Reserve Act, members of the Board of Governors are appointed for a term of 14 years. This longer term is intended to insulate the Board from political pressures and ensure its independence in conducting monetary policy. However, these appointments are staggered so that a new member is appointed every two years, ensuring continuity and stability in the Board's operations.

The Members of the Board of Governors of the Federal