Question 31 (3 points) Members of the Board of Governors are chosen by the Federal Reserve Bank presidents. appointed by the newly elected president of the United States, as are cabinet positions. appointed by the president of the United States and confirmed by the Senate never allowed to serve more than 7-year terms. Question 32 (3 points) The Federal Reserve entity that makes decisions regarding the conduct of open market operations is the Board of Governors. chairman of the Board of Governors. Federal Open Market Committee. Open Market Advisory Council