Question

The Federal Reserve System is supervised by a Board of Governors whose members are appointed by the president for life. Please select the best answer from the choices provided T F

Answer 1

False

The members of the Board of Governors of the Federal Reserve System are appointed by the President of the United States (and confirmed by the US Senate). However, they are not lifetime appointments. The term of office for a governor on the Federal Reserve Board is 14 years. There are seven members of the Board of Governors.