The president of each regional Federal Reserve Bank is appointed by
A)the U.S.president with the approval of the Senate.
B)the Board of Governors.
C)the voting members of the Federal Open Market Committee.
D)the board of directors of that regional Federal Reserve Bank.

Question

Quizplus · Accepted Answer

The president of each regional Federal Reserve Bank is appointed by the board of directors of that regional Federal Reserve Bank. This board of directors is composed of three classes of directors: class A directors, who are elected by member banks to represent the banking industry; class B directors, who are also elected by member banks to represent the general public; and class C directors, who are appointed by the Board of Governors to represent the general public. The president of the regional Reserve Bank is chosen by the board of directors from among the class B and class C directors.

The President of Each Regional Federal Reserve Bank Is Appointed