Question

the board of governors a. is chaired by the u.s. secretary of the treasury. b. members are elected by the u.s. public. c. has 7 members. d. all of the above are correct.

Answer 1

The correct answer is option c, which states that the Board of Governors has 7 members. The Board is not chaired by the U.S. Secretary of the Treasury and its members are appointed, not elected by the public.

Step-by-step explanation:

Option c is correct; the Board of Governors has 7 members. The Board of Governors of the Federal Reserve is chaired by one of its own members, not the U.S. Secretary of the Treasury, which eliminates option a. Additionally, its members are not elected by the U.S. public but are appointed by the President and confirmed by the Senate, thereby eliminating option b. For example, past Chairs of the Federal Reserve have included Alan Greenspan, Ben Bernanke, and Janet Yellen, with Jerome Powell being the current Chair as of February 2018. The Federal Reserve's chairmanship is a critical position, as the Chair has significant control over the agenda and serves as the public voice of the Fed, thus having more influence than may be apparent by their single vote.