ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Simple majority
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Filibuster-proof 60
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Two Thirds
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Three Fourths
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Detailed explanation-1: -The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate.
Detailed explanation-2: -The process for selecting a Federal Reserve Bank president is set forth in the Federal Reserve Act. Subject to the approval of the Federal Reserve Board of Governors, the president is appointed by the Reserve Bank’s Class B and C directors (those directors who are not affiliated with a supervised entity).
Detailed explanation-3: -Who are the members of the Federal Reserve Board, and how are they selected? The members of the Board of Governors are nominated by the President of the United States and confirmed by the U.S. Senate.
Detailed explanation-4: -The Fed has traditionally used three tools to conduct monetary policy: reserve requirements, the discount rate, and open market operations.