The Federal bank is the central reserve bank of the U.S. It is an independent body, but at the end of the day, it is answerable to the community and the parliament.
The Board of Governors of the Federal Reserve System comprises team of seven members. The U.S. president nominates each member. The appointment requires the nod of the U.S. governing body. The full term of a board of member is 14 years. A governor who has served a full term may not be reappointed, but a Governor who was appointed to complete the balance of an unexpired term may be reappointed to a full 14-year term. In 1987, President Ronald Reagan nominated Dr. Alan Greenspan as Fed Chairman. Br. Alan Greenspan received a B.A, M.A, and PhD in economics from the New York university. He was reelected in 1992 and served until 2006. The current presiding Chairman is Dr. Ben S. Bernanke and the current Vice-chairperson is Janet L. Yellen.
Dr. Bernanke picked up a B.A. in economics in 1975 from Harvard University and a Ph.D. in economics in 1979 from MIT. Dr. Bernanke also serves as Chairman of the FOMC. (FOMC currently has 10 committee members and 5 alternate members. It is the task of the FOMC to determine the monetary policy) Other present members of the Board of Governors of the Federal Reserve System are Elizabeth Duke, Sarah Raskin, and Daniel Tarullo. Two posts are vacant. Amongst the latest resignations were the resignations of Kevin M. Warsh on April 2, 2011 and Donald l. Kohn on September 1, 2010.
The parliament sets the remunerations of Board of Governors of the Federal Reserve System. For 2012, the annual income of Chairman is set at a figure just under Two hundred thousand dollars. The annual income of other Board members (counting the Vice Chairman) is just under One hundred and eighty thousand dollars. Upon selection, one may not remove Governors from organization for their standpoints on strategy.