ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Voted on by American public
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Appointed by POTUS and approved by the Senate
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Appointed by the president of the World Bank
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Chosen by the Senate Majority Leader
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Detailed explanation-1: -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. The nominees to these posts must already be members of the Board or must be simultaneously appointed to the Board.
Detailed explanation-2: -The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed.
Detailed explanation-3: -Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022.
Detailed explanation-4: -the Fed’s chief executive, public face, and center of power and responsibility. The current chairman is Ben Bernanke. Seven members, appointed by the President of the United States and confirmed by the Senate.
Detailed explanation-5: -The position of vice chair was most recently held by Lael Brainard who was sworn in on May 23, 2022 and resigned on February 18, 2023. The position of vice chair for supervision is currently held by Michael Barr who was sworn in on July 19, 2022.