Federal Reserve Board of Governors members are appointed by the President of the United States of America and confirmed by the United States Senate for staggered 14-year terms. One term begins every two years, on February 1 of even-numbered years, and members serving a full term cannot be renominated for a second term.] "Upon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed and have qualified." The law provides for the removal of a member of the board by the President of the United States of America "for cause".
Federal Reserve Board of Governors is required to make an annual report of operations to the Speaker of the United States House of Representatives.
The Chair and Vice Chair of the Federal Reserve Board of Governors are appointed by the President of the United States of America from among the sitting Governors. They both serve a four-year term and they can be renominated as many times as the President of the United States of America chooses, until their terms on the Federal Reserve Board of Governors expire.
More Information#There might be more information for this subject on one of the following:
- Depository Institutions Deregulation and Monetary Control Act of 1980
- Federal Open Market Committee
- Federal Reserve
- Savings Account
- [#1] - https://en.wikipedia.org/wiki/Federal_Reserve_System - based on information obtained 2017-12-23-