Which statement concerning the structure of the Federal Reserve System is correct?
A) The Fed's Board of Governors consists of 12 members.
B) The chair and vice chair of the Board of Governors are appointed by the president and confirmed by the Senate for terms of 4 years.
C) There are 10 regional Federal Reserve banks.
D) The Federal Open Market Committee (FOMC) has seven members.

Question

Quizplus · Accepted Answer

The Federal Reserve System's Board of Governors is led by a chair and a vice chair, who are appointed by the President of the United States and confirmed by the Senate for four-year terms. This structure is designed to ensure that the leadership of the Federal Reserve has both political legitimacy and a degree of independence from the executive branch.

Which Statement Concerning the Structure of the Federal Reserve System