Question

Larry is part of the Board of Governors that manages U.S. monetary policy. He has been elected by the President to serve a single 14-year term. In addition to setting the monetary policy, he is responsible for extending banking services to commercial banks. In this scenario, Larry is most likely part of the _____.

Answer 1

Larry is most likely part of the Federal Reserve System of the United States, and in fact, he is likely to be the president of the Federal Reserve.

This is because he has been appointed by the president, will serve a very long-term (14 years), and he's been tasked with leading the monetary policy of the country, a function that falls within the scope of the Federal Reserve, and that is headed by its president.