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The Chair and Vice Chair of the Board are also appointed by the President and confirmed by the Senate, but serve only four-year terms. They may be reappointed to additional four-year terms.
Members of the Federal Reserves Board of Governors, including the chair of the Federal Reserve System, are government employees whose pay is set by Congress. Members of the Federal Reserves Board of Governors, including the chair of the Federal Reserve System, are government employees whose pay is set by Congress.
The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years.
Reserve Bank Boards Also by statute, Class B and A directors are elected by the member banks in their respective Federal Reserve District. Class B directors are elected to represent the public, and Class A directors are elected to represent the member banks.
The process for selecting a Federal Reserve Bank president is set forth in the Federal Reserve Act. Subject to the approval of the Federal Reserve Board of Governors, the president is appointed by the Reserve Banks Class B and C directors (those directors who are not affiliated with a supervised entity).
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For purposes of this section, the term bank includes all FDIC- supervised institutions and the term management includes the board of directors, which is elected by the shareholders, and executive or senior officers, who are appointed to their positions by the board.
The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate.
Board of Governors of the Federal Reserve System It is run by seven members, or governors, who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate.

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