Which of the following is correct:
There are seven members of the Federal Reserve Board, each gets a 14 year term, and the Federal Open Market Committee is made up of 12 members.
There are six members of the Federal Reserve Board, each gets a 4 year term, and the Federal Open Market Committee is made up of 11 members.
There are seven members of the Federal Reserve Board plus the president of the New York Fed, each gets a 14 year term, and the Federal Open Market Committee is made up of 12 members.
There are seven members of the Federal Reserve Board, each gets a 12 year term, and the Federal Open Market Committee is made up of 14 members.