What is the Board of Governors of the Federal Reserve System? Who are the current board members?
The Federal Reserve System is a federal system, composed basically of a central, governmental agency — the Board of Governors in Washington, D.C. — and 12 regional Federal Reserve Banks. The seven members of the Board of Governors are nominated by the president of the United States and confirmed by the Senate. A full term is 14 years. The appointments are staggered so that one term begins every two years, on Feb. 1 of each even-numbered year. A member who serves a full term may not be reappointed; however, a member who is appointed and confirmed to serve the unexpired portion of a term may later be reappointed to a full term. All terms end on their statutory date regardless of the date on which the member is sworn into office. The chairman and the vice chairman of the Board are named by the president from among the members and are confirmed by the Senate. They serve four-year terms. A member’s term on the Board is not affected by his or her status as chairman or vice chairman. For a li
Related Questions
- Doesn’t the fact that the President appoints the Board of Governors of the Federal Reserve System make it a quasi-governmental sort of entity?
- What is the Board of Governors of the Federal Reserve System? Who are the current board members?
- When Ben S. Bernanke sworn as Chairman of the Board of Governors of the Federal Reserve System ?
