The head of the Federal Reserve System is a seven member Board of Governors headquartered in Washington DC. Because the Board of Governors sets the nation's monetary policy, the Board is among the most powerful of all governmental bodies. It is financially and administratively independent of both Congress and the president. The policies that they said can affect even the best forex trading currencies.
To preserve the Fed's political independence, Congress established 14 year overlapping terms for federal reserve board members with 114 year term expiring every two years. The governors who are appointed by the president are acquired to come from different federal reserve districts to prevent a concentration of power in one region of the country. The Senate confirms all presidential appointments.
The Chairman of the Board of Governors is chosen by the president from among the existing Governors and serves a four-year term. Also is expected that if a new chairman is chosen, the old chairman resigned from the board regardless of the time remaining in their appointment. The Chairman is often called the second most helpful person in the United States because of the Chairman's influence in setting the nations monetary policy. The Chairman controls the agenda and meeting of both the Federal Reserve Board and the FOMC. The Chairman is also the principal spokesperson for the Fed before Congress and the national press. the setting of the interest rates can have a great effect on currencies and the forex trading tips in favor of one currency to another based on the arbitrage of currency.
what is unknown about the Federal Reserve is who exactly are the private investors that control it. This is not public knowledge and has become increasingly under suspicion due to the fact that the chairman is quiet as to where the money that is printed is distributed to and in fact he could very well have been distributed to foreign central banks.