Final answer:
Longer terms for the Federal Reserve Board of Governors are essential for ensuring monetary policy continuity, protecting against short-term political pressures, and focusing on the long-term economic well-being of the nation.
Step-by-step explanation:
The importance of members of the Board of Governors of the Federal Reserve having longer terms in office than elected officials such as the President lies in the nature of monetary policy and the need for political independence. Longer terms provide stability and continuity in monetary policy, which is crucial for economic planning and preventing sudden shifts that could disrupt financial markets.
Moreover, the extended terms help shield the board members from short-term political pressures and enable them to focus on the long-term economic health of the country, rather than short-term political gains.