| Chairman of the Board of Governors of the Federal Reserve System | |
|---|---|
Seal of the Board of Governors
| |
Flag of the Federal Reserve System
| |
Jerome Powell since February 5, 2018 | |
| United States Federal Reserve System | |
| Style | Mr. Chairman |
| Member of | Board of Governors Open Market Committee |
| Reports to | United States Congress |
| Seat | Eccles Building Washington, D.C. |
| Appointer | President with Senate advice and consent |
| Term length | Four years, renewable (as Chair) 14 years, non-renewable (as Governor) |
| Constituting instrument | Federal Reserve Act |
| Formation | August 10, 1914; 109 years ago (1914-08-10) |
| First holder | Charles Sumner Hamlin |
| Deputy | Vice Chair of the Federal Reserve |
| Salary | Executive Schedule, Level I[1] |
| Website | federalreserve.gov |
The chairman 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 chairman presides at meetings of the Board.[2]
The chairman 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 member of the Board of Governors. The chairman may serve multiple terms, pending a new nomination and confirmation at the end of each term, with William McChesney Martin as the longest serving chair from 1951 to 1970 and Alan Greenspan as a close second. The president may not have the legal authority to dismiss a chairman before the end of a term, although this assumption has never been tested in court.[3]
The current chairman is Jerome Powell, who was sworn in on February 5, 2018.[4][5] He was nominated to the position by President Donald Trump on November 2, 2017,[6] and later confirmed by the Senate. He was subsequently nominated to a second term by President Joe Biden, later confirmed by the Senate and sworn in on May 23, 2022.[7][8]
As stipulated by the Banking Act of 1935, the president may designate to serve as Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors.[2][9][10][11] The Senate Committee responsible for vetting a Federal Reserve chair nominee is the Senate Committee on Banking.
By law, at meetings of the Board the chairman shall preside, and, in his absence, the vice chairman shall preside. In the absence of the chairman and the vice chairman, the Board shall elect a member to act as chairman pro tempore.[12]
Under the chairman'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.[13]
By custom, one of the chairman's most important duties is to serve as the chair of the Federal Open Market Committee (FOMC), which is critical in setting short-term U.S. monetary policy. However, the chair of the FOMC is elected at the first meeting of each year, and while the chair of the Board of Governors has always been chosen there is no legal obligation for this to be the case. [14]
By law, the chairman reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He or she 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.[15]
The law applicable to the chair and all other members of the board provides (in part):
No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board.[16]
Chair of the Federal Reserve is a Level I position in the Executive Schedule,[1] thus earning the salary prescribed for that level (US$246,400, as of April 2024).[17]
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 consecutive four-year terms. Since the Federal Reserve was established in 1914, the following people have served as chair.[a][18]
| # | Portrait | Name (birth–death) |
Term of office[b] | Tenure length | Appointed by[c] | |
|---|---|---|---|---|---|---|
| Start of term | End of term | |||||
| - | 
|
William Gibbs McAdoo (1863–1941) |
December 23, 1913 | August 10, 1914 | 230 days | ex officio[d] |
| 1 | 
|
Charles Hamlin (1861–1938) |
August 10, 1914 | August 9, 1916 | 1 year, 365 days | Woodrow Wilson |
| 2 | 
|
William Harding (1864–1930) |
August 10, 1916 | August 9, 1922 | 5 years, 364 days | |
| 3 | 
|
Daniel Crissinger (1860–1942) |
May 1, 1923 | September 15, 1927 | 4 years, 137 days | Warren G. Harding |
| 4 | 
|
Roy Young (1882–1960) |
October 4, 1927 | August 31, 1930 | 2 years, 331 days | Calvin Coolidge |
| 5 | 
|
Eugene Meyer (1875–1959) |
September 16, 1930 | May 10, 1933 | 2 years, 236 days | Herbert Hoover |
| 6 | 
|
Eugene Black (1873–1934) |
May 19, 1933 | August 15, 1934 | 1 year, 88 days | Franklin D. Roosevelt |
| 7 | 
|
Marriner Eccles (1890–1977) |
November 15, 1934 | January 31, 1948[e] | 13 years, 77 days | |
| 8 | 
|
Thomas McCabe (1893–1982) |
April 15, 1948 | March 31, 1951 | 2 years, 350 days | Harry S. Truman |
| 9 | 
|
Bill Martin (1906–1998) |
April 2, 1951 | January 31, 1970 | 18 years, 304 days | Harry S. Truman Dwight D. Eisenhower John F. Kennedy Lyndon B. Johnson |
| 10 | 
|
Arthur Burns (1904–1987) |
February 1, 1970 | January 31, 1978[f] | 7 years, 364 days | Richard Nixon |
| 11 | 
|
William Miller (1925–2006) |
March 8, 1978 | August 6, 1979 | 1 year, 151 days | Jimmy Carter |
| 12 | 
|
Paul Volcker (1927–2019) |
August 6, 1979 | August 11, 1987 | 8 years, 5 days | Jimmy Carter Ronald Reagan |
| 13 | 
|
Alan Greenspan (born 1926) |
August 11, 1987[g] | January 31, 2006 | 18 years, 173 days | Ronald Reagan George H. W. Bush Bill Clinton George W. Bush |
| 14 | 
|
Ben Bernanke (born 1953) |
February 1, 2006 | January 31, 2014 | 7 years, 364 days | George W. Bush Barack Obama |
| 15 | 
|
Janet Yellen (born 1946) |
February 3, 2014 | February 3, 2018 | 4 years, 0 days | Barack Obama |
| 16 | 
|
Jay Powell (born 1953) |
February 5, 2018[h] | Incumbent | 6 years, 158 days | Donald Trump Joe Biden |
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