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No, the chairman of the Federal Reserve is not appointed for life. In fact, no member of the Federal Reserve Board is appointed for life. It is true that members of the Federal Reserve Board are appointed to rather long terms so that they will be free from political influence. Their term is 14 years and they can be reappointed. The chairman of the Federal Reserve is selected by the President from among the members of the board. That person must then be confirmed by the Senate. The term for the chairman is only 4 years. So, far from being appoint for life, the chairman of the Federal Reserve is only appointed for a four-year term.
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