Final answer:
The Board of Governors of the Federal Reserve is composed of seven members with fourteen-year terms, appointed by the President and confirmed by the Senate.
Step-by-step explanation:
The board of governors has seven people on it. Each of them with a fourteen-year non-renewable term, who are appointed by the President of the United States and confirmed by the Senate. The Board of Governors of the Federal Reserve is designed to be semi-decentralized, blending government appointees with private sector bank representation. The structure ensures that policy decisions are made based on economic merits and are insulated from political pressure. Furthermore, appointments for such extended terms provide stability and continuity in monetary policy.