who appoints the members of the board of governors of the federal reserve
the President
title: Federal Reserve Board of Governors text: Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States. Governors are appointed by the President of the United States and confirmed by the Senate for staggered 14-year terms. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country". As stipulated in the Banking Act of title: Federal Reserve Board of Governors text: direct the open market operations that sets U.S. monetary policy through their membership in the Federal Open Market Committee (FOMC). Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives of the United States. The current members of the Board of Governors are as follows: President Donald Trump has nominated Marvin Goodfriend, and Nellie Liang to fill the remaining two vacancies. Mr. Goodfriend and Ms. Liang have had hearings and are awaiting a Senate vote. Source: Source: Federal Reserve Board of Governors The Board of Governors of the Federal Reserve title: Federal Reserve Board of Governors text: 1935, the Chair and Vice Chair of the Board are two of seven members of the Board of Governors who are appointed by the President from among the sitting Governors. The terms of the seven members of the Board span multiple presidential and congressional terms. Once a member of the Board of Governors is appointed by the president, he or she functions mostly independently. The Board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives. It also supervises and regulates the operations of the Federal Reserve Banks, and the U.S. banking title: Federal Reserve text: House of Representatives. The chair and vice chair of the board of governors are appointed by the president from among the sitting governors. They both serve a four-year term and they can be renominated as many times as the president chooses, until their terms on the board of governors expire. According to US Code 12-241, the chair and vice chair may be chosen either from among the sitting governors or outsiders; the law does not specify a preferred choice. The current members of the board of governors are as follows: In late December 2011, President Barack Obama nominated Jeremy C. title: Federal Reserve text: structure of the system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the board of governors are selected by the President of the United States and confirmed by the Senate. The Federal Banking Agency Audit Act, enacted in 1978 as Public Law 95-320 and 31 U.S.C. section 714 establish that the board of governors of the Federal Reserve System and the Federal Reserve banks may be audited by the Government Accountability Office (GAO). The GAO has authority to audit check-processing, currency storage and shipments, and some regulatory and bank