1. Below are two hypothetical ways The Fed may be appointed. Would you favor either one of these two methods over the present method? Why or why not? In your answer, describe how the Board of Governors of The Fed is currently selected and one outside citation to support your argument.

• Upon taking office, the U.S. president appoints 7 people to the Federal Reserve Board, including a chair. Each appointee must be confirmed by a majority vote of the Senate, and each serves the same 4-year term as the President.
• Congress selects 7 members from its ranks (4 from the House of Representatives and 3 from the Senate) to serve at its pleasure as the Board of Governors of the Federal Reserve System.