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The President chooses one member as a chairperson. Each member of the board serves for 14 yeras. The terms are arranged so that an opening occurs every two years. Members cannot be reappointed, and their decisions are not subject to the approval of the President or Congress. Their length of term, manner of selection, and independence in working frees members from political pressures.
The Federal Advisory Council assists the Board of Governors. It is made up of twelve members elected by the directors of each Federal Reserve district bank. The Federal Advisory Council meets at least four times each year and reports to the
Board of Governors on general business conditions in the nation...
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