<P> As stipulated by the Banking Act of 1935, the President of the United States appoints the seven members of the Board of Governors; they must then be confirmed by the Senate and serve four year terms . </P> <P> The nominees for chair and vice-chair may be chosen by the President from among the sitting Governors for four - year terms; these appointments are also subject to Senate confirmation . By law, the chair reports twice a year to Congress on the Federal Reserve's monetary policy objectives . He or she also testifies before Congress on numerous other issues and meets periodically with the Treasury Secretary . </P> <P> The law applicable to the Chair and all other members of the Board provides (in part): </P> <P> No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board . </P>

Who are the directors of the federal reserve bank