Asked by Chloe Myers on Jun 20, 2024
Verified
Which statement is true about the Fed's Governing Board?
A) They can be removed from office by the President.
B) They can be removed from office by Congress.
C) They serve for life.
D) None of the statements are true about the Fed's Governing BoarD.
Fed's Governing Board
The main governing body of the Federal Reserve, responsible for setting monetary policy and overseeing the operations of the Federal Reserve Banks.
President
The elected head of a republican state or organization, responsible for leading and sometimes representing the entity in various capacities.
Congress
The national legislative body of a country, particularly in the United States, consisting of the Senate and the House of Representatives.
- Become familiar with the configuration and responsibilities of the Federal Open Market Committee (FOMC) and the Board of Governors.
Verified Answer
UE
Udeme EbongJun 25, 2024
Final Answer :
D
Explanation :
The members of the Fed's Governing Board cannot be removed from office by the President or Congress. They also do not serve for life, but rather for staggered 14-year terms.
Learning Objectives
- Become familiar with the configuration and responsibilities of the Federal Open Market Committee (FOMC) and the Board of Governors.