Final answer:
The Board of Governors of the Federal Reserve serves 14-year terms to protect them from political pressure and ensure stable economic policies.
Step-by-step explanation:
Members of the NY Board of Regents are not the focus here; instead, the question pertains to the members of the Board of Governors of the Federal Reserve. These members have 14-year terms which are staggered to ensure that one governor's term expires every two years on January 31st. The significance of these long and staggered terms is to insulate the governors from political pressure and allow them to make policy decisions based solely on economic merits rather than political influence.
By having longer terms than elected officials, like the President, the Board of Governors is more likely to maintain a consistent and stable economic policy environment, which is beneficial for the long-term health of the economy.