Question

The Federal Reserve Board
Which Board members are near the ends of their terms? why might this have significance?

Answer 1

In U.S. the Board of Governors of the Federal Reserve System plays an important role in making the country's monetary policy. The President of the U.S. appoints seven members of the Board for staggered term of 14-years. Majority of the board members are 60 years old on average. All are Caucasian and born in the United States. There are fewer females compared to males. All have very high education levels from Ivy League schools such as Harvard, Yale, etc. In their previous employment, majority of them were scholars/ professors at some point in their professions or they worked as presidential economic advisers in politics.

Both Chairman and Vice Chairman both started their terms in the year of 2018, but others have filled in an unexpired term. A member who serves a full term may not be reappointed. When the member completes an unexpired portion of a term they are eligible to be reappointed however when serves a full term they cannot be reappointed. Thus when the member’s files an unexpired term it signifies that there aren’t huge number members who are actually near the end of their term