The operations of the Federal Reserve System are under the supervision of the Federal Reserve Board which is composed of the Secretary of the Treasury and the Comptroller of the Currency, who are ex-officio members, and six other members appointed by the President of the United States by and with the consent of the Senate. The terms of office are arranged to expire in different years so as to provide for rotation of membership. Not more than any one member can be selected from any one Federal Reserve district. While the Secretary of the Treasury is ex-officio chairman, the Board has an executive officer who is called the Governor. This Board is in almost continuous session in Washington and its powers over the Federal Reserve banks are very extensive and altogether discretionary, including the right to examine their books and accounts, to require the publication of statements, to compel one Reserve bank to rediscount for another, to suspend reserve requirements, to grant the right to issue notes, to define the character of paper to be discounted, to approve rates of discount, to compel purchase of United States bonds, etc.