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Following our two hypothetical ways in which the federal reserve board might be appointed.
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Would you favor either of these two methods over the present method? why or why not? a, upon taking office, the u .s.
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President appoints seven people to the federal reserve board, including a chair.
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Each appointee must be confirmed by a majority vote of the senate, and each serves the same four -year term as the president.
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B, congress selects seven members from its ranks, four from the house of representatives, and three from the senate.
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To serve at its pleasure as the board of governors of the federal reserve system.
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So let's first look at the federal reserve system.
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The federal reserve system's main governing body is the board of governors of the federal reserve system, which is also known as the federal reserve board.
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It is in charge of managing the federal reserve banks and assisting in the implementation of u .s.
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Monetary policy.
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The president of the united states appoints governors, who are then confirmed by the senate for staggered 14 -year terms.
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According to the law, the appointments must result in a fair representation of the country's financial, agricultural, industrial, and commercial interests, as well as the geographical divisions.
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The chair and vice chair of the board of governors are two of the seven members of the board of governors who are nominated by the president from among the current governors, and this is according to the bank act of 1935.
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The terms of the board, board seven members span successive presidential and congressional administrations.
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After the president appoints a member of the board of governors, they are mostly self -contained...