The Board of Governors

question 171

Multiple Choice

The Board of Governors

• A)composes a minority of the FOMC
• B)consists of twelve presidential appointees
• C)was authorized to set reserve requirements by the Bank Acts of 1933 and 1935
• D)serve four year terms
• E)are elected by the member banks which own the Federal Reserve

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Definitions:

Payment

The act of providing money or other compensation to fulfill a transaction or obligation.

Order Paper

A financial or legal document that is payable to the holder or the individual whose name appears on the document.

Endorsed

Officially approved or recommended; in finance, it refers to signing the back of a negotiable document to make it payable to someone other than the stated payee.

Negotiated

Discussed and agreed upon by parties involved, typically resulting in a formal agreement or contract that accommodates the interests or conditions of those parties.