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Who sets the interest rate?

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Who sets the interest rate?

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The 12 voting members of the Federal Reserve are the policymakers who set targets for interest rates in the United States. The 12 votes come from the seven members of the Board of Governors and the presidents of five of the 12 Federal Reserve Banks.Board of GovernorsThe seven members of the Federal Reserve Board of Governors are nominated by the president and approved by the U.S. Senate. The full term of a Federal Reserve governor is 14 years and he can’t be removed from his position due to his policy views.ChairmanAs of 2010, the chairman of the Federal Reserve Board of Governors was Ben Bernanke, who took office on Feb. 1, 2006. The chairman is selected by the U.S. president and confirmed by the Senate to act as the public spokesperson of the Federal Reserve.Federal Reserve Bank PresidentsFour of the 12 votes on the Federal Reserve are rotated every year by 11 of the 12 presidents of regional Federal Reserve banks. The president of the Federal Reserve Bank of New York gets a vote eve

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