Extra Credit (Fall 2009)

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Frequently Asked Questions

Federal Reserve Structure and Operations
Q: How are the chairman and vice chairman of the Board of Governors appointed?

Like other members of the Board of Governors, the chairman and vice chairman are also appointed by the U.S. president and confirmed by the Senate. The nominees to these posts must already be members of the Board or must be simultaneously appointed to the Board. The terms for these positions are four years. For more information about the Federal Reserve Board, see the Web site.

Q: What is the Beige Book?

The Summary of Commentary on Current Economic Conditions by Federal Reserve District, commonly known as the Beige Book, is a report published eight times per year by the Federal Reserve Board of Governors. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its district through reports from the head office and branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by Federal Reserve District and industry sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis. For more information, see the Beige Book.