The manager for the Federal Reserve System. The seven members on the Board of Governors of the Federal Reserve System are nominated by the U.S. president and confirmed by the U.S. Senate. Terms are for 14 years, and terms begin every two years on February 1 of even-numbered years. A member who serves a full term can’t be reappointed, however a member who completes an unexpired portion of another person’s term can be reappointed to a full term. All terms end on their statutory date regardless of when the member is sworn into office. The chairman and vice chairman of the board are selected by the president for a four-year term and confirmed by the Senate. They may be renominated until their terms as governors expire.