Larry is part of the Board of Governors that manages U. S. Monetary policy. He has been elected by the President to serve a single 14-year term. In addition to setting the monetary policy, he is responsible for extending banking services to commercial banks. I

Federal Reserve

Explanation:

Federal Reserve System is the financial institution and the central bank of the U.S. The institution provides financial aid to the country. It helps in regulating and maintaining the financial and banking service of the country. All the requirements and responsibilities of the Federal Reserve are laid on the Board of Governors. They help in setting the rate of the discount and rate of interest on the loans.

In the given excerpt, Larry is the part of the Board of Governors in the Federal Reserve System.

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