Final answer:
The statement is true; policy decisions of the Fed don't require congressional approval and the President can't ask for a Federal Reserve Governor's resignation as the Fed operates with a high degree of independence.
Step-by-step explanation:
The statement that policy decisions of the Fed do not require congressional approval, and the President cannot ask for the resignation of the Federal Reserve Governor, is true. The structure and organization of the Federal Reserve is such that its governors are appointed for long, staggered terms of 14 years to insulate them from political pressures, allowing them to make decisions based solely on economic merits. This independence of the Fed means that its policy decisions can be enacted without needing congressional approval, and unlike cabinet positions, a sitting president does not have the authority to request a Federal Reserve Governor's resignation.