Federal Reserve Board: The governing body of the Federal Reserve is made up of seven individuals. The governing board members are appointed by the President of the United States and must be confirmed by the Senate. A full term length is 14 years, and one term begins every two years. A member who serves a full term may not be reappointed but a member who completes an unexpired portion of a term may be reappointed.
Sources: Investopedia, Federal Reserve