Quote:
Originally Posted by dsjj251
I dont know if anyone has mentioned it yet, but Ron Paul nor any political appointee can be chairman. He/she has to be chosen from the existing governors of the board.
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Not necessarily true.
Under authority provided by the Banking Act of 1935, the president of the United States appoints the seven members of the Board of Governors of the Federal Reserve System who are confirmed by the Senate and serve for 14 years.
The president selects the chairman and vice-chairman from among the sitting governors and these appointments are also subject to Senate confirmation
The president could appoint Ron Paul to the Board of Governors of the Federal Reserve System then select him as head of the Fed.
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