The following are two hypothetical ways in which the federal reserve board might be appointed. a. upon taking office, the u. s. president appoints seven people to the federal reserve board, including a chair. each appointee must be confirmed by a majority vote of the senate, and each serves the same 4-year term as the president. b. congress selects seven members from its ranks (four from the house of representatives and three from the senate) to serve at congressional pleasure as the board of governors of the federal reserve system. in the opinion of most economists, which option would be favored?