Question

The Chairman of the Federal Reserve Board is nominated by the President of the United States and must be confirmed by:

A. The United States Congress.
B. The United States Senate.
C. The U.S. House of Representatives.
D. The U.S. Supreme Court.

Answer 1

The Chairman of the Federal Reserve Board is confirmed by the United States Senate. The Fed is structured to be semi-decentralized and its governors serve staggered 14-year terms for a reduced political influence.

Step-by-step explanation:

The Chairman of the Federal Reserve Board is appointed by the President of the United States and must be confirmed by the United States Senate. The Federal Reserve, often abbreviated as the Fed, is the central bank of the United States and has a unique structure that combines government appointees with representation from private-sector banks. It is overseen by a Board of Governors, with members serving 14-year staggered terms to minimize political influence over their policy decisions. Notably, these decisions do not require congressional approval, offering the Fed a degree of independence from the executive and legislative branches.