Originally posted here by CXGJarrod


I thought they were appointed by the president. (Although they can do what they want once they are in office without fear of retaliation)

See this website: http://www.federalreserve.gov/faq.htm#bogq1
I stand corrected, but note that they are all members of the fed befre they can be appointed to the board of goveners, members ofthe fed are chosen form amongst the banks in that federal district giving an ameinly small pool of people to apoint form.