For how long does each member of the Federal Reserve's Board of Governors typically serve in this position of power?
The Board of Governors of the Federal Reserve has 7 members who are appointed by the U.S. President and confirmed by the U.S. Senate for terms of 14 years. The law states they may be removed from office by the President only "for cause," which is an undefined term generally understood to mean that they cannot be removed for their policy views. This Board exercises powers that have wide-ranging ripple effects on the economy, such as inflation, interest rates, and employment. The Governors of the Federal Reserve cannot be audited for the effectiveness of their policy decisions. However, they are subject to periodic audits for waste, fraud, and abuse by the Government Accountability Office and the Fed's Inspector General.