ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Board of Governors–located in Washington, D.C.–is the governing body of the Federal Reserve System . It is run by seven members, or “governors, ” who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate.

Detailed explanation-2: -There are three key entities in the Federal Reserve System: the Board of Governors, the Federal Reserve Banks (Reserve Banks), and the Federal Open Market Committee (FOMC).

Detailed explanation-3: -Answer and Explanation: One of the functions that the Federal Reserve System Board of Governors follows is communicating with the government leader. This function is done to share the different policies of the Federal Reserve that it creates.

Detailed explanation-4: -The current chairman is Jerome Powell, who was sworn in on February 5, 2018. He was nominated to the position by President Donald Trump on November 2, 2017, and later confirmed by the Senate.

Detailed explanation-5: -The Fed system consists of five components: (1) member banks, (2) Federal Reserve District Banks, (3) Board of Governors, (4) Federal Open Market Committee, and (5) advisory committees.