Question

Members of the Board of Governors are

A) chosen by the Federal Reserve Bank presidents.
B) appointed by the newly elected president of the United States, as are cabinet positions.
C) appointed by the president of the United States and confirmed by the Senate.
D) never allowed to serve more than 7-year terms.

Answer 1

The correct answer is letter C.

Explanation: Board of Governors are responsible for regulatory decisions and managing money in the country; another group is made up of 12 regional banks (such as the New York Federal Reserve, Chicago, Dallas, Richmond) and acts as the operational arm of the central authority, implementing policies and overseeing financial institutions.