The Banking Act of 1935, in particular, renamed the Federal Reserve Board the Board of Governors and granted the Washington-based entity greater powers. It specified that the Board of Governors should  2  BIS central bankers’ speeches  have seven members appointed by the U.S. president and confirmed by the Senate.
1 Governors could serve 14-year terms to insulate them from short-term political pressures and to encourage a long-term perspective on the economy and the financial system. The 12 Federal Reserve Banks, of course, were, and still are, independently chartered institutions.