1. The Board of Governors has 12 members who are nominated by the President and confirmed by the Senate.
2. Members of the Board of Governors serve 14-year staggered terms to reduce political influence.
3. The Chair and Vice Chair are chosen from among the Governors for 7-year leadership terms.
4. There are 13 Regional Federal Reserve Banks across the United States.
5. Regional Federal Reserve Bank presidents are selected by local directors and approved by the Board of Governors in Washington, D.C.
6. The New York Fed runs market operations for the Federal Reserve System.
7. The FOMC has 12 voters: the 7 Governors and 5 Reserve Bank presidents (New York always votes; four others rotate).
8. All 12 Reserve Bank presidents vote at every FOMC meeting.
9. In 2010, the Fed Chair was Jerome Powell.
10. Janet Yellen served as Fed Chair from 2014–2018, followed by Jerome Powell starting in 2018.