The Federal Reserve System (Fed), established in 1913, was designed to operate independently of the federal government. The Fed is overseen by a seven-member Board of Governors who are appointed by the President of the United States and confirmed by the Senate for 14-year terms. The terms are staggered so that one Governor’s term expires every two years. Once their terms expire, Board members cannot be reappointed (although if they were appointed to a partial term because their predecessor left early, they could be).
The system was designed this way so that presidents would be limited in their power to fill
