ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress. The Federal Reserve derives its authority from the Congress, which created the System in 1913 with the enactment of the Federal Reserve Act.

Detailed explanation-2: -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-3: -CONGRESS oversees the Federal Reserve System and its entities. BOARD OF GOVERNORS is an independent agency of the federal government. FEDERAL RESERVE BANKS are the operating arms of the Federal Reserve System and are supervised by the Board of Governors.

Detailed explanation-4: -Oversight may be conducted by standing and select congressional committees and through reviews and studies conducted by congressional support agencies and staff. In Congress, oversight comes in many forms including: Hearings and investigations conducted by standing or special congressional committees.

Detailed explanation-5: -Jerome Powell took office as chairman of the Board of Governors of the Federal Reserve System in February 2018. He was sworn in on May 23, 2022 for a second term as Chair ending May 15, 2026.