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Chair of the Federal Reserve

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Chair of the Federal Reserve

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. 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 a member of the Board of Governors. The chairman 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) a close second. Jerome Powell was sworn in as chairman on February 5, 2018. He had been first nominated to the position by President Donald Trump on November 2, 2017, 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.

Infobox

Style
Mr. Chairman
Member of
Board of GovernorsOpen Market Committee
Reports to
United States Congress
Seat
Eccles BuildingWashington, D.C.
Appointer
The presidentwith 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; 111 years ago (1914-08-10)
First holder
Charles Sumner Hamlin
Deputy
Vice Chair of the Federal Reserve
Salary
Executive Schedule, Level I
Website
federalreserve.gov

Tables

· List of Fed chairs
William Gibbs McAdoo(1863–1941)
William Gibbs McAdoo(1863–1941)
#
-
Name(birth–death)
William Gibbs McAdoo(1863–1941)
Term of office
December 23, 1913
Term of office
August 10, 1914
Tenure length
230 days
Appointed by
ex officio
Charles Hamlin(1861–1938)
Charles Hamlin(1861–1938)
#
1
Name(birth–death)
Charles Hamlin(1861–1938)
Term of office
August 10, 1914
Term of office
August 9, 1916
Tenure length
1 year, 365 days
Appointed by
Woodrow Wilson
William Harding(1864–1930)
William Harding(1864–1930)
#
2
Name(birth–death)
William Harding(1864–1930)
Term of office
August 10, 1916
Term of office
August 9, 1922
Tenure length
5 years, 364 days
Daniel Crissinger(1860–1942)
Daniel Crissinger(1860–1942)
#
3
Name(birth–death)
Daniel Crissinger(1860–1942)
Term of office
May 1, 1923
Term of office
September 15, 1927
Tenure length
4 years, 137 days
Appointed by
Warren G. Harding
Roy Young(1882–1960)
Roy Young(1882–1960)
#
4
Name(birth–death)
Roy Young(1882–1960)
Term of office
October 4, 1927
Term of office
August 31, 1930
Tenure length
2 years, 331 days
Appointed by
Calvin Coolidge
Eugene Meyer(1875–1959)
Eugene Meyer(1875–1959)
#
5
Name(birth–death)
Eugene Meyer(1875–1959)
Term of office
September 16, 1930
Term of office
May 10, 1933
Tenure length
2 years, 236 days
Appointed by
Herbert Hoover
Eugene Black(1873–1934)
Eugene Black(1873–1934)
#
6
Name(birth–death)
Eugene Black(1873–1934)
Term of office
May 19, 1933
Term of office
August 15, 1934
Tenure length
1 year, 88 days
Appointed by
Franklin D. Roosevelt
Marriner Eccles(1890–1977)
Marriner Eccles(1890–1977)
#
7
Name(birth–death)
Marriner Eccles(1890–1977)
Term of office
November 15, 1934
Term of office
January 31, 1948
Tenure length
13 years, 77 days
Thomas McCabe(1893–1982)
Thomas McCabe(1893–1982)
#
8
Name(birth–death)
Thomas McCabe(1893–1982)
Term of office
April 15, 1948
Term of office
March 31, 1951
Tenure length
2 years, 350 days
Appointed by
Harry S. Truman
William McChesney Martin(1906–1998)
William McChesney Martin(1906–1998)
#
9
Name(birth–death)
William McChesney Martin(1906–1998)
Term of office
April 2, 1951
Term of office
January 31, 1970
Tenure length
18 years, 304 days
Appointed by
Harry S. TrumanDwight D. EisenhowerJohn F. KennedyLyndon B. Johnson
Arthur Burns(1904–1987)
Arthur Burns(1904–1987)
#
10
Name(birth–death)
Arthur Burns(1904–1987)
Term of office
February 1, 1970
Term of office
January 31, 1978
Tenure length
7 years, 364 days
Appointed by
Richard NixonGerald Ford
William Miller(1925–2006)
William Miller(1925–2006)
#
11
Name(birth–death)
William Miller(1925–2006)
Term of office
March 8, 1978
Term of office
August 6, 1979
Tenure length
1 year, 151 days
Appointed by
Jimmy Carter
Paul Volcker(1927–2019)
Paul Volcker(1927–2019)
#
12
Name(birth–death)
Paul Volcker(1927–2019)
Term of office
August 6, 1979
Term of office
August 11, 1987
Tenure length
8 years, 5 days
Appointed by
Jimmy CarterRonald Reagan
Alan Greenspan(born 1926)
Alan Greenspan(born 1926)
#
13
Name(birth–death)
Alan Greenspan(born 1926)
Term of office
August 11, 1987
Term of office
January 31, 2006
Tenure length
18 years, 173 days
Appointed by
Ronald ReaganGeorge H. W. BushBill ClintonGeorge W. Bush
Ben Bernanke(born 1953)
Ben Bernanke(born 1953)
#
14
Name(birth–death)
Ben Bernanke(born 1953)
Term of office
February 1, 2006
Term of office
January 31, 2014
Tenure length
7 years, 364 days
Appointed by
George W. BushBarack Obama
Janet Yellen(born 1946)
Janet Yellen(born 1946)
#
15
Name(birth–death)
Janet Yellen(born 1946)
Term of office
February 3, 2014
Term of office
February 3, 2018
Tenure length
4 years, 0 days
Appointed by
Barack Obama
Jerome Powell(born 1953)
Jerome Powell(born 1953)
#
16
Name(birth–death)
Jerome Powell(born 1953)
Term of office
February 5, 2018
Term of office
Incumbent
Tenure length
7 years, 309 days
Appointed by
Donald TrumpJoe Biden
#
Portrait
Name(birth–death)
Term of office
Tenure length
Appointed by
Start of term
End of term
-
William Gibbs McAdoo(1863–1941)
December 23, 1913
August 10, 1914
230 days
ex officio
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
13 years, 77 days
8
Thomas McCabe(1893–1982)
April 15, 1948
March 31, 1951
2 years, 350 days
Harry S. Truman
9
William McChesney Martin(1906–1998)
April 2, 1951
January 31, 1970
18 years, 304 days
Harry S. TrumanDwight D. EisenhowerJohn F. KennedyLyndon B. Johnson
10
Arthur Burns(1904–1987)
February 1, 1970
January 31, 1978
7 years, 364 days
Richard NixonGerald Ford
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 CarterRonald Reagan
13
Alan Greenspan(born 1926)
August 11, 1987
January 31, 2006
18 years, 173 days
Ronald ReaganGeorge H. W. BushBill ClintonGeorge W. Bush
14
Ben Bernanke(born 1953)
February 1, 2006
January 31, 2014
7 years, 364 days
George W. BushBarack Obama
15
Janet Yellen(born 1946)
February 3, 2014
February 3, 2018
4 years, 0 days
Barack Obama
16
Jerome Powell(born 1953)
February 5, 2018
Incumbent
7 years, 309 days
Donald TrumpJoe Biden

References

  1. The position was established as Governor of the Federal Reserve Board on December 23, 1913; thereafter became Chairman o
  2. The start date given here for each officeholder is the day they took the oath of office, and the end date is the day of
  3. A fixed term with reappointment for the Chair, then known as Governor, was not added to the Federal Reserve Act until th
  4. Upon enactment of the Federal Reserve Act on December 23, 1913, the United States secretary of the treasury became ex of
  5. Served as chairman pro tempore from February 3 to April 15, 1948.
  6. Served as chairman pro tempore from February 1 to March 8, 1978.
  7. Served as chairman pro tempore from March 3 to June 20, 1996, while awaiting confirmation by the United States Senate fo
  8. Served as chair pro tempore from February 5 to May 23, 2022, while awaiting confirmation by the United States Senate for
  9. 5 U.S.C. § 5312
    https://www.law.cornell.edu/uscode/text/5/5312
  10. see 12 U.S.C. § 242
    https://www.law.cornell.edu/uscode/text/12/242
  11. Board of Governors of the Federal Reserve System
    https://www.federalreserve.gov/newsevents/pressreleases/other20180205a.htm
  12. CNBC
    https://www.cnbc.com/2018/02/05/powell-takes-reins-at-the-fed-amid-market-selloff-jump-in-yields.html
  13. Forbes
    https://www.forbes.com/sites/laurengensler/2017/11/02/trump-picks-federal-reserve-chair-jerome-powell
  14. Board of Governors of the Federal Reserve System
    https://www.federalreserve.gov/newsevents/pressreleases/other20220523e.htm
  15. Reuters
    https://www.reuters.com/markets/us/powell-sworn-second-four-year-term-fed-chief-2022-05-23
  16. Board of Governors of the Federal Reserve System
    https://www.federalreserve.gov/aboutthefed/bios/board/default.htm
  17. "The Structure of the Federal Reserve System"
    https://www.federalreserve.gov/pubs/frseries/frseri.htm
  18. Federal Reserve
    https://web.archive.org/web/20090117011308/http://www.federalreserve.gov/generalinfo/faq/faqbog.htm
  19. see 12 U.S.C. § 244
    https://www.law.cornell.edu/uscode/text/12/244
  20. www.federalreserveeducation.org
    https://web.archive.org/web/20191113184453/https://www.federalreserveeducation.org/about-the-fed/structure-and-functions
  21. see FOMC Rules of Organisation at https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm
    https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm
  22. www.stlouisfed.org
    https://www.stlouisfed.org/in-plain-english/chair-of-the-federal-reserve-board
  23. 12 U.S.C. § 244
    https://www.law.cornell.edu/uscode/text/12/244
  24. "Rates of Basic Pay for the Executive Schedule"
    https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/salary-tables/pdf/2022/EX.pdf
  25. Membership of the Board of Governors of the Federal Reserve System, 1914–present
    https://www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm
  26. "People: Federal Reserve Chair"
    https://www.federalreservehistory.org/people/federal-reserve-chair
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