Resignations and deaths can increase the frequency of appointments, but not on a regular schedule. The presidents of 11 of the 12 Federal Reserve Banks take turns being on the FOMC, with the president of the Reserve Bank of New York being a permanent member. The reserve bank presidents are elected to office by their boards of directors, and reach the office by working their way up through the officer staffs of the reserve bank organizations. The main difference between the presidents of reserve banks and the board members is that the former are essentially heads of quasi business organizations and not constantly involved or concerned with monetary policy. In practice, the board generally defines monetary policy in the FOMC, and the bank presidents go along with the expertise of the board. This reflects that fact that monetary policy is set in Washington, which was not the intent of the original Federal Reserve Act which envisioned each federal reserve bank acting independently within its own district. The Federal Reserve and its member banks are not government institutions, have never been audited, their decisions are made at secret meetings, and all notes and transcripts of such meetings are destroyed prior to public announcements so no records are available under the Freedom of Information Act (Neal). The Fed has total monopoly over government banking activities. The seven governors are more influential than the most potent force in existence controlling our financial lives, and are totally independent and uncontrolled.
Qu. 3 The Fed did not cause the Great Depression and at no time did it pull money out of the out of the system, contracting the money supply (What). Between October 1929 and February 1930, the Fed actually pumped money into the economy. The Federal Reserve can increase the money supply by buying