The Board of Governors of the Federal Reserve System does NOT
A) consist of seven members with fourteen-year terms.
B) include the presidents of the twelve Federal Reserve Banks.
C) utilize a system of rotations so that a position comes open every two years.
D) consist of members whose appointments have been approved by the Senate.

Question

Quizplus · Accepted Answer

The Board of Governors of the Federal Reserve System does not include the presidents of the twelve Federal Reserve Banks as its members. The Board is composed of seven members appointed by the President of the United States and confirmed by the Senate. The presidents of the Federal Reserve Banks participate in the Federal Open Market Committee (FOMC), but they are not members of the Board of Governors.

The Board of Governors of the Federal Reserve System Does