Each governor of the Federal Reserve is
A)appointed by the President to a 4-year term.
B)appointed by the President to a 14-year term.
C)appointed by the President for life.
D)elected by the Presidents of banks and savings institutions.

Question

Quizplus · Accepted Answer

Each governor of the Federal Reserve is appointed by the President to a 14-year term. However, the terms are staggered, so that one term expires every two years. This is intended to insulate governors from political pressures, as they serve longer terms than the President who appointed them.

Each Governor of the Federal Reserve Is