Which of the following is true about the chairman of the Federal Reserve Board of Governors?
A) The chairman is elected by the Fed regional bank presidents.
B) The chairman serves a 21-year term.
C) A new chairman is elected as soon as a new U.S.president takes office.
D) The chairman can be reappointed for more than one term.

Question

Quizplus · Accepted Answer

The chairman of the Federal Reserve Board of Governors is appointed by the U.S. president and confirmed by the Senate. The chairman can be reappointed for as many terms as the president chooses, and there is no limit on the number of terms a chairman can serve. Choice A is incorrect because the Fed regional bank presidents do not elect the chairman. Choice B is incorrect because the chairman serves a four-year term, not a 21-year term. Choice C is incorrect because a new chairman may or may not be elected when a new U.S. president takes office, as the appointment is at the discretion of the president.

Which of the Following Is True About the Chairman of the Federal