Final answer:
The chairman of the Federal Reserve Board of Governors is appointed by the U.S. President and confirmed by the Senate. The chairman sits on the Federal Open Market Committee but does not serve a 14-year term as chairman. Moreover, the chairman is not always the president of the Federal Reserve Bank of New York.
Step-by-step explanation:
The chairman of the Federal Reserve Board of Governors plays a significant role within this system. The Federal Reserve is a semi-decentralized entity that combines the representation from private-sector banks with government appointees. At the national level, the Fed is run by a Board of Governors, with seven members, including the chairman. These members are appointed by the President of the United States and confirmed by the Senate.
The chairman indeed sits on the Federal Open Market Committee (FOMC), which is responsible for making open market operation decisions. This committee comprises seven members of the Federal Reserve's Board of Governors, including the chairman, and five voting members, one of whom is permanently the president of the Federal Reserve Bank of New York, drawn on a rotating basis from the regional Federal Reserve Banks.
The chairman does not serve a fourteen-year term as chairman but the governors are appointed for 14-year terms, staggered so that one term expires every even-numbered year on January 31st. Furthermore, the chairman of the Federal Reserve Board is not always the president of the Federal Reserve Bank of New York.
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