ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Board of Governors
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Federal Open Market Committee
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Reserve Banks
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None of the above
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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 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: -The Federal Reserve Banks are not a part of the federal government, but they exist because of an act of Congress. Their purpose is to serve the public. So is the Fed private or public?
Detailed explanation-4: -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).