00:01
Asks about two hypothetical ways in which the federal reserve board could appoint its board.
00:06
So the first sees the president upon entering office every four years, appointing a group of seven people, and those people are then confirmed by the senate.
00:17
And the second way is that the congress itself appoints four people from the house of representatives, and three people from the senate, and these composed the seven members of the board and they serve at the pleasure of congress.
00:37
And in this first situation, they serve a four -year term at the same time as the president, and here their term could be at the time of appointment indefinite.
00:53
So there's a difference there, right? these people come and go with the president, so there's a new board every four years.
00:59
So generally speaking, this board is going to have less experienced people on it than this board, which could have people staying on the board in theory for, you know, 10, 12 years at the time...