ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Bottom Line The chair of the Federal Reserve, Jerome Powell, is responsible for carrying out the directives of the Federal Reserve. This can include meeting and testifying before Congress, monitoring and managing interest rates, and promoting maximum employment.

Detailed explanation-2: -Its core responsibilities include setting interest rates, managing the money supply, and regulating financial markets. It also acts as a lender of last resort during periods of economic crisis, as demonstrated during the 2008 financial meltdown and the COVID-19 pandemic.

Detailed explanation-3: -Board Appointment The Chair and Vice Chair of the Board are also appointed by the President and confirmed by the Senate, but serve only four-year terms. They may be reappointed to additional four-year terms.

Detailed explanation-4: -The Federal Reserve’s governors serve staggered 14-year terms and may not be reappointed; all governors-including the Chair and Vice Chair-are appointed by the President and confirmed by the Senate. The member is nominated to be Chair or Vice Chair by the President and confirmed by the Senate.