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g The Board of Governors is the part of the Federal Reserve System that: multiple choice consists of 12 banks located throughout the country to oversee banking in the United States. is located in Washington, D.C. and consists of 7 governors who serve 14-year terms. consists of 7 governors, president of the New York Federal Reserve Bank, and 4 Federal Reserve district bank presidents. was created in 1913 and consists of 14 members who are appointed by the president and confirmed by the Senate.