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It is false. It is governed by seven individuals, known as "governors," who are appointed by the American president and approved in their roles by the American senate.
The Federal Reserve System is governed by the Board of Governors, which is based in Washington, D.C. It is governed by seven individuals, known as "governors," who are appointed by the American president and approved in their roles by the American senate. In order to advance the objectives and carry out the duties assigned to the Federal Reserve by the Federal Reserve Act, the Board of Governors directs how the Federal Reserve System is run.
The FOMC, the section of the Federal Reserve that determines monetary policy, includes all of the Board members.
Know more about Federal Reserve System here:
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