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7 Governors of the Federal Reserve System (14-year terms of office — Chair and vice chair, who first must be confirmed as governors, also need to be confirmed for four-year terms in those offices.) 3 Members of the National Credit Union Administration (political balance required; six-year terms of office)
The United States federal civil service is the civilian workforce (i.e., non-elected and non-military public sector employees) of the United States federal government's departments and agencies. The federal civil service was established in 1871 (5 U.S.C. § 2101). [1]
After the Banking Panic of 1907, the Federal Reserve Act of 1913 called for the creation of the Federal Reserve System. In addition to its central bank responsibilities, the Federal Reserve was also charged with supervising state-chartered banks that were members of the Federal Reserve System.
As of December 2020, there are 7,935 political appointments across the executive and legislative branches of the U.S. federal government. Many of these positions must be filled by the incoming president every four years while others are career appointments that outlast presidential administrations.
The Federal Reserve's forthcoming monetary policy meeting will in focus this week, and may set the stage for a long-awaited announcement of asset-purchase tapering. Meanwhile, traders will also ...
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