Which statement correctly outlines the powers of the FIFA Council?

The statement regarding the FIFA Council's authority to elect the President for a term of four years is accurate. The FIFA Council plays a critical role in governance and management within FIFA, and one of its key functions is to elect the President. This position is significant, as the President oversees the organization and represents it on the global stage. The four-year term allows for continuity in leadership while also providing an opportunity for democratic renewal.

The other statements do not correctly represent the powers of the FIFA Council. While the FIFA Council can establish committees, this is not limited to regular committees alone. Additionally, the Council does have financial oversight duties, which are vital for ensuring sound fiscal management and transparency within FIFA. Lastly, while the FIFA Council has considerable authority, it typically cannot set regulations without the approval of the Congress, which acts as the legislative body of FIFA. This requirement for Congressional approval ensures that there is a system of checks and balances within FIFA's governance structure.