The members of the Fed Board of Governors are:
A)elected by the member banks
B)appointed by the President of the United States with the advice and consent of the Senate
C)appointed by the Secretary of the Treasury
D)appointed by each of the Federal Reserve banks
E)none of the above

Question

Quizplus · Accepted Answer

The members of the Fed Board of Governors are appointed by the President of the United States with the advice and consent of the Senate. This is in accordance with the Federal Reserve Act of 1913, which established the Federal Reserve System.

The Members of the Fed Board of Governors Are