Chair of the Federal Reserve
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The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chair presides at meetings of the Board.[1]
The chair serves a four-year term after being nominated by the president of the United States and confirmed by the United States Senate; the officeholder serves concurrently as a member of the Board of Governors. The chair may serve multiple terms, subject to re-nomination and confirmation each time; William McChesney Martin (1951–1970) was the longest serving chair, with Alan Greenspan (1987–2006) second.
Jerome Powell was sworn in as chair on February 5, 2018.[2][3] He had been first nominated to the position by President Donald Trump on November 2, 2017,[4] and confirmed by the Senate. He was nominated to a second term by President Joe Biden, confirmed by the Senate, and sworn in on May 23, 2022.[5][6]
Appointment process
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As stipulated by the Banking Act of 1935, the chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate.[1][7][8][9] The Senate Committee responsible for vetting a Federal Reserve chair nominee is the Senate Committee on Banking.
Duties of the chair
By law, at meetings of the board the chair presides, or in the absence of the chair, the vice chair presides. In the absence of the chair and the vice chair, the board elects a member to act as chair pro tempore.[10]
Under the chair's leadership, the Board's responsibilities include analysis of domestic and international financial and economic developments. The board also supervises and regulates the Federal Reserve Banks, exercises responsibility in the nation's payments system, and administers consumer credit protection laws.[11]
By custom, the chair also chairs the Federal Open Market Committee (FOMC), which directs short-term U.S. monetary policy. Although the statute and rules of the FOMC allow it to elect any member as its chair,[12] it has always chosen the chair of the Board in practice.
By law, the chair reports twice a year to Congress on the Federal Reserve's monetary policy objectives. The chair of the Federal Reserve also testifies before Congress on numerous other financial issues and meets periodically with the treasury secretary, who is a member of the president's Cabinet.[13]
Conflict of interest law
The law applicable to the chair and all other members of the board provides (in part):
Salary
The chair of the Federal Reserve is a Level I position in the Executive Schedule,5|5312-14|[14] thus earning the salary for that level (US$246,400, as of April 2024).[15]
List of Fed chairs
The following is a list of past and present chairs of the Board of Governors of the Federal Reserve System. A chair serves for a four-year term after appointment, but may be reappointed for several further four-year terms. Since the Federal Reserve was established in 1914, the following people have served as chair.Template:Efn[16][17]
| Template:No. | Portrait | Name (birth–death)Script error: No such module "Check for unknown parameters". |
Term of officeTemplate:Efn | Tenure length | Appointed byTemplate:Efn | |
|---|---|---|---|---|---|---|
| Start of term | End of term | |||||
| - | File:William-gibbs-mcadoo-desk.jpg | Script error: No such module "Sort". (1863–1941)Script error: No such module "Check for unknown parameters". |
December 23, 1913 | August 10, 1914 | Template:Age in years and days | ex officioTemplate:Efn |
| 1 | File:HAMLIN, CHARLES S. ASSISTANT SECRETARY OF THE TREASURY, 1913- LCCN2016864808 (cropped).jpg | Script error: No such module "Sort". (1861–1938)Script error: No such module "Check for unknown parameters". |
August 10, 1914 | August 9, 1916 | Template:Age in years and days | Woodrow Wilson |
| 2 | File:W. P. G. Harding LCCN2016858906 (retouched).jpg | Script error: No such module "Sort". (1864–1930)Script error: No such module "Check for unknown parameters". |
August 10, 1916 | August 9, 1922 | Template:Age in years and days | |
| 3 | File:Daniel R. Crissinger cropped.jpg | Script error: No such module "Sort". (1860–1942)Script error: No such module "Check for unknown parameters". |
May 1, 1923 | September 15, 1927 | Template:Age in years and days | Warren G. Harding |
| 4 | File:Chair Roy A Young 140501.jpg | Script error: No such module "Sort". (1882–1960)Script error: No such module "Check for unknown parameters". |
October 4, 1927 | August 31, 1930 | Template:Age in years and days | Calvin Coolidge |
| 5 | File:Portrait of Eugene Meyer.jpg | Script error: No such module "Sort". (1875–1959)Script error: No such module "Check for unknown parameters". |
September 16, 1930 | May 10, 1933 | Template:Age in years and days | Herbert Hoover |
| 6 | File:Eugene R Black 1934 (cropped).jpg | Script error: No such module "Sort". (1873–1934)Script error: No such module "Check for unknown parameters". |
May 19, 1933 | August 15, 1934 | Template:Age in years and days | Franklin D. Roosevelt |
| 7 | File:Marriner Eccles 1939 (cropped).jpg | Script error: No such module "Sort". (1890–1977)Script error: No such module "Check for unknown parameters". |
November 15, 1934 | January 31, 1948Template:Efn | Template:Age in years and days | |
| 8 | File:00035 DUP (14083184875).jpg | Script error: No such module "Sort". (1893–1982)Script error: No such module "Check for unknown parameters". |
April 15, 1948 | March 31, 1951 | Template:Age in years and days | Harry S. Truman |
| 9 | File:William McChesney Martin jr.jpg | Script error: No such module "Sort". (1906–1998)Script error: No such module "Check for unknown parameters". |
April 2, 1951 | January 31, 1970 | Template:Age in years and days | Harry S. Truman Dwight D. Eisenhower John F. Kennedy Lyndon B. Johnson |
| 10 | File:ArthurBurns USArmyPhoto 1955.jpg | Script error: No such module "Sort". (1904–1987)Script error: No such module "Check for unknown parameters". |
February 1, 1970 | January 31, 1978Template:Efn | Template:Age in years and days | Richard Nixon Gerald Ford |
| 11 | File:G. William Miller.jpg | Script error: No such module "Sort". (1925–2006)Script error: No such module "Check for unknown parameters". |
March 8, 1978 | August 6, 1979 | Template:Age in years and days | Jimmy Carter |
| 12 | File:Paulvolcker.jpg | Script error: No such module "Sort". (1927–2019)Script error: No such module "Check for unknown parameters". |
August 6, 1979 | August 11, 1987 | Template:Age in years and days | Jimmy Carter Ronald Reagan |
| 13 | File:Alan Greenspan color photo portrait.jpg | Script error: No such module "Sort". (born 1926)Script error: No such module "Check for unknown parameters". |
August 11, 1987Template:Efn | January 31, 2006 | Template:Age in years and days | Ronald Reagan George H. W. Bush Bill Clinton George W. Bush |
| 14 | File:Ben Bernanke official portrait.jpg | Script error: No such module "Sort". (born 1953)Script error: No such module "Check for unknown parameters". |
February 1, 2006 | January 31, 2014 | Template:Age in years and days | George W. Bush Barack Obama |
| 15 | File:Janet Yellen official Federal Reserve portrait.jpg | Script error: No such module "Sort". (born 1946)Script error: No such module "Check for unknown parameters". |
February 3, 2014 | February 3, 2018 | Template:Age in years and days | Barack Obama Donald Trump |
| 16 | File:Jerome H. Powell, Federal Reserve Chair.jpg | Script error: No such module "Sort". (born 1953)Script error: No such module "Check for unknown parameters". |
February 5, 2018Template:Efn | February 4, 2026 | Template:Age in years and days | Donald Trump Joe Biden |
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See also
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Notes
References
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- ↑ a b see 12 U.S.C. Template:Trim/Template:Trim § Template:Trim
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- ↑ see 12 U.S.C. Template:Trim/Template:Trim § Template:Trim
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- ↑ see FOMC Rules of Organisation at https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm
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Further reading
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- Beckhart, Benjamin Haggott. 1972. Federal Reserve System. [New York]: American Institute of Banking.
- Shull, Bernard. 2005. The fourth branch: the Federal Reserve's unlikely rise to power and influence. Westport, Conn.: Praeger.
External links
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- Public Statements of the Chairs of the Board of Governors of the Federal Reserve System, via the St. Louis Federal Reserve Bank
- Nomination hearings, conducted in the Senate, for Chairs and Members of the Board of Governors of the Federal Reserve System
- Timeline of Federal Reserve Chairs with related resources
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