ECONOMICS (CBSE/UGC NET)

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. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years.

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: -One of the chairman’s most important duties is to serve as the chair of the Federal Open Market Committee (FOMC), which is critical in setting short-term U.S. monetary policy. By law, the chairman reports twice a year to Congress on the Federal Reserve’s monetary policy objectives.

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.