The Federal Reserve is independent of the Treasury, but is the Treasury Department's personal banker. The President appoints the seven governors (designating a Chair and Vice-chair) to the Board of Governors for 14-year terms, but the Senate must confirm them. These central bankers are not removed from office once appointed, although many have resigned before their 14-year terms expired to gain lucrative positions on Wall Street. Also, some governors are appointed to complete unfinished terms when a governor resigns and those appointees may serve less than 14 years. The Federal Reserve System provides services to the commercial banking system through the 12 district banks. The district banks also regulate and examine commercial banks. The services provided by the district banks generate revenues for the Federal Reserve System. In fact, the revenues not only support the entire system, but each year's surplus (over operating expenses) is sent to the Treasury's coffers.