How is the chairperson of the federal reserve board selected? describe the relationship between the board of governors of the federal reserve system and the 12 federal reserve banks. what is the composition and purpose of the federal open market committee (fomc)?

Among the boards of governor of the federal reserve board one is selected as the chair of the board. President select that chair of board which is then confirm by the senate.

Explanation:

Among the boards of governor of the federal reserve board one is selected as the chair of the board. President select that chair of board which is then confirm by the senate.

For deciding or initiating  any banking policy Board of Governors are advised by different entities. Different reserve bank and boards of governor collectively decide on banking policy.

Federal open market committee which is termed as FOMC comprise of total number of 12 members. out of this 12 members seven are governors and rest is chair of FRB ( federal reserve bank). There is a fixed rotation for membership among these 12 member except New York federal president.