(2) The Chairman of the FederalReserve Bank is the “activeexecutive officer of theBoard of Governors of the FederalReserve System. As stipulatedby the Banking Act of1935, the President appointsthe seven members of theBoard of Governors; they mustthen be confirmed by the Senateand serve for 14 years. Thechairman and vice-chairmanare chosen by the Presidentfrom among the sitting Governorsfor four-year terms.