View source for Chair of the Federal Reserve

{{Short description|Head of the United States Federal Reserve System}}
{{Use mdy dates|date=July 2016}}
{{Infobox official post
| post            = Chairman
| body            = the Board of Governors of the Federal Reserve System
| flag            = Flag_of_the_United_States_Federal_Reserve.svg
| flagholder      = yes
| flagsize        = 130px
| flagcaption     = Flag of the Federal Reserve System
| insignia        = Seal of the United States Federal Reserve Board.svg
| insigniasize    = 120px
| insigniacaption = Seal of the [[Federal Reserve System|Board of Governors]]
| image           = Jerome H. Powell, Federal Reserve Chair.jpg
| incumbent       = [[Jerome Powell]]
| incumbentsince  = February 5, 2018
| department      = [[Federal Reserve|United States Federal Reserve System]]
| style           = Mr. Chairman
| member_of       = [[Federal Reserve Board of Governors|Board of Governors]]<br/>[[Federal Open Market Committee|Open Market Committee]]
| reports_to      = [[United States Congress]]
| seat            = [[Eccles Building]]<br/>[[Washington, D.C.]]
| appointer       = [[President of the United States|President]]
| appointer_qualified = with [[United States Senate|Senate]] [[advice and consent]]
| termlength      = Four years, renewable (as Chair)<br/>14 years, non-renewable (as Governor)
| constituting_instrument = [[Federal Reserve Act]]
| formation       = {{Start date and years ago|1914|8|10}}
| first           = [[Charles Sumner Hamlin]]
| deputy          = [[Vice Chair of the Federal Reserve]]
| salary          = [[Executive Schedule|Executive Schedule, Level I]]<ref name="UnitedStatesCode|5|5312">{{UnitedStatesCode|5|5312}}</ref>
| website         = {{URL|https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm|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 [[Federal Reserve Board of Governors|Board of Governors of the Federal Reserve System]]. The chairman presides at meetings of the Board.<ref name="chairappointment"/>

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, pending a new nomination and confirmation at the end of each term; [[William McChesney Martin]] (1951-1970) was the longest serving chair, with [[Alan Greenspan]] (1987-2006) 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.<ref name="cumber">{{Cite web |title=Can the President Fire the Chairman of the Federal Reserve? |url=https://www.cumber.com/can-the-president-fire-the-chairman-of-the-federal-reserve |url-status=dead |archive-url=https://web.archive.org/web/20200727192621/https://www.cumber.com/can-the-president-fire-the-chairman-of-the-federal-reserve |archive-date=July 27, 2020 |access-date=August 26, 2019|website=Cumberland Advisors}}</ref>

The current chairman is [[Jerome Powell]], who was sworn in on February 5, 2018.<ref>{{Cite web |title=Jerome H. Powell sworn in as Chairman of the Board of Governors of the Federal Reserve System |url=https://www.federalreserve.gov/newsevents/pressreleases/other20180205a.htm |url-status=live |archive-url=https://web.archive.org/web/20180206183728/https://www.federalreserve.gov/newsevents/pressreleases/other20180205a.htm |archive-date=2018-02-06 |access-date=2018-02-05 |website=Board of Governors of the Federal Reserve System |language=en}}</ref><ref>{{Cite web |last=Cox |first=Jeff |date=2018-02-05 |title=Jerome Powell takes the reins at the Fed amid market sell-off, jump in yields |url=https://www.cnbc.com/2018/02/05/powell-takes-reins-at-the-fed-amid-market-selloff-jump-in-yields.html |url-status=live |archive-url=https://web.archive.org/web/20180205163138/https://www.cnbc.com/2018/02/05/powell-takes-reins-at-the-fed-amid-market-selloff-jump-in-yields.html |archive-date=2018-02-05 |access-date=2022-02-06 |website=CNBC |language=en-US}}</ref> He was nominated to the position by President [[Donald Trump]] on November 2, 2017,<ref>{{Cite news |last=Gensler |first=Lauren |date=November 2, 2017 |title=Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity |url=https://www.forbes.com/sites/laurengensler/2017/11/02/trump-picks-federal-reserve-chair-jerome-powell |url-status=live |archive-url=https://web.archive.org/web/20171102202759/https://www.forbes.com/sites/laurengensler/2017/11/02/trump-picks-federal-reserve-chair-jerome-powell |archive-date=November 2, 2017 |access-date=November 3, 2017 |work=Forbes}}</ref> 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.<ref>{{Cite web |title=Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System |url=https://www.federalreserve.gov/newsevents/pressreleases/other20220523e.htm |url-status=live |archive-url=https://web.archive.org/web/20220523194640/https://www.federalreserve.gov/newsevents/pressreleases/other20220523e.htm |archive-date=2022-05-23 |access-date=2022-05-23 |website=Board of Governors of the Federal Reserve System |language=en}}</ref><ref>{{Cite web |date=2022-05-23 |title=Powell sworn in to second four-year term as U.S. Fed chief |url=https://www.reuters.com/markets/us/powell-sworn-second-four-year-term-fed-chief-2022-05-23 |url-status=bot: unknown |archive-url=https://web.archive.org/web/20220902030350/https://www.reuters.com/markets/us/powell-sworn-second-four-year-term-fed-chief-2022-05-23 |archive-date=September 2, 2022 |access-date=2022-05-24 |website=Reuters |language=en-US}}</ref>

== Appointment process ==
[[File:VCY CG CB CV cent grp 121613 0517 02844 (13896600480).jpg|thumb|Federal Reserve Chairs (left to right): [[Janet Yellen]], [[Alan Greenspan]], [[Ben Bernanke]], and [[Paul Volcker]]. Photo taken 1 May 2014, when Yellen was Chair.]]
As stipulated by the [[Banking Act of 1935]], the Chairman is chosen by the [[President of the United States|president]] from among the sitting governors to serve four-year terms with the advice and consent of the [[United States Senate|Senate]].<ref name="chairappointment">see {{Usc|12|242}}</ref><ref>{{Cite web |date=February 21, 2018 |title=The Fed - Board Members |url=https://www.federalreserve.gov/aboutthefed/bios/board/default.htm |url-status=live |archive-url=https://web.archive.org/web/20180318173211/https://www.federalreserve.gov/aboutthefed/bios/board/default.htm |archive-date=March 18, 2018 |access-date=June 1, 2018 |website=Board of Governors of the Federal Reserve System}}</ref><ref>{{Cite web |title=The Structure of the Federal Reserve System |url=http://www.federalreserve.gov/pubs/frseries/frseri.htm |url-status=live |archive-url=https://web.archive.org/web/20150423062320/http://www.federalreserve.gov/pubs/frseries/frseri.htm |archive-date=April 23, 2015 |access-date=April 24, 2015 |publisher=Federalreserve.gov}}</ref><ref>{{Cite news |last=Federal Reserve |date=January 16, 2009 |title=Board of Governors FAQ |url=http://www.federalreserve.gov/generalinfo/faq/faqbog.htm |url-status=dead |archive-url=https://web.archive.org/web/20090117011308/http://www.federalreserve.gov/generalinfo/faq/faqbog.htm |archive-date=January 17, 2009 |access-date=January 16, 2009 |work=Federal Reserve |df=mdy-all}}</ref> The Senate Committee responsible for vetting a Federal Reserve chair nominee is the [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Committee on Banking]].

== Duties of the Fed chairman == 
By law, at meetings of the [[Federal Reserve Board of Governors|Board]] the chairman shall preside, and, in his absence, the [[Vice Chair of the Federal Reserve|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.<ref>see {{Usc|12|244}}</ref>

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.<ref>{{Cite web |date=February 21, 2019 |title=The Structure and Functions of the Federal Reserve System |url=https://www.federalreserveeducation.org/about-the-fed/structure-and-functions |url-status=dead |archive-url=https://web.archive.org/web/20191113184453/https://www.federalreserveeducation.org/about-the-fed/structure-and-functions |archive-date=November 13, 2019 |access-date=June 1, 2018 |website=www.federalreserveeducation.org}}</ref>

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 [[Monetary policy of the United States|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.<ref>see FOMC Rules of Organisation at https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm</ref>

By law, the chairman reports twice a year to [[United States Congress|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 [[United States Secretary of the Treasury|treasury secretary]], who is a member of the president's [[Cabinet of the United States|Cabinet]].<ref>{{Cite web |date=February 12, 2019 |title=Chair of the Federal Reserve Board |url=https://www.stlouisfed.org/in-plain-english/chair-of-the-federal-reserve-board |url-status=live |archive-url=https://web.archive.org/web/20180616210412/https://www.stlouisfed.org/in-plain-english/chair-of-the-federal-reserve-board |archive-date=June 16, 2018 |access-date=June 12, 2018 |website=www.stlouisfed.org}}</ref>

== Conflict of interest law ==
The law applicable to the chair and all other members of the board provides (in part):

{{Quote|1=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.<ref>{{Usc|12|244}}</ref>}}

==Salary==
Chair of the Federal Reserve is a [[Executive Schedule#Level I|Level I position in the Executive Schedule]],<ref name="UnitedStatesCode|5|5312"/> thus earning the salary prescribed for that level ([[US Dollar|US$]]246,400, as of April 2024).<ref>{{Cite web |date=2022-01-01 |title=Rates of Basic Pay for the Executive Schedule |url=https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/salary-tables/pdf/2022/EX.pdf |url-status=live |archive-url=https://web.archive.org/web/20220508064310/https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/salary-tables/pdf/2022/EX.pdf |archive-date=May 8, 2022 |access-date=2022-01-02 |publisher=OPM}}</ref>

==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 consecutive four-year terms. Since the Federal Reserve was established in 1914, the following people have served as chair.{{Efn |name=fn1}}<ref name="Chairs">{{cite web |date=February 5, 2018 |title=Chairs |url=http://www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm |url-status=live |archive-url=https://web.archive.org/web/20220212010745/https://www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm |archive-date=February 12, 2022 |access-date=February 6, 2018 |website=Membership of the Board of Governors of the Federal Reserve System, 1914–present |publisher=The Federal Reserve Board}}</ref>

{|class="wikitable sortable" style="text-align:center"
|-
!rowspan=2 |{{No.}}
!rowspan=2 class=unsortable |Portrait
!rowspan=2 |Name<br>{{small|(birth–death)}}
!colspan=2 |Term of office{{Efn |name=fn2}}
!rowspan=2 |Tenure length
!rowspan=2 |Appointed by{{Efn |name=fn3}}<!--This list includes only the president who nominated or reappointed the Federal Reserve chairman, contrary to all presidents under whom the chairman served during his or her term of office. -->
|-
!Start of term
!End of term
|-
!-
|[[File:William-gibbs-mcadoo-desk.jpg|90px]]
|{{Sortname|William Gibbs|McAdoo}}<br>{{small|(1863–1941)}}
|December 23, 1913
|August 10, 1914
|{{Age in years and days|1913|12|23|1914|8|10}}
|''[[Ex officio member|ex officio]]''{{Efn |name=fn4}}
|-
!1
|[[File:HAMLIN, CHARLES S. ASSISTANT SECRETARY OF THE TREASURY, 1913- LCCN2016864808 (cropped).jpg|90px]]
|{{Sortname|Charles|Hamlin|Charles Sumner Hamlin}}<br>{{small|(1861–1938)}}
|August 10, 1914
|August 9, 1916
|{{Age in years and days|1914|8|10|1916|8|9}}
|rowspan=2 style="font-weight:normal" |[[Woodrow Wilson]]
|-
!2
|[[File:W. P. G. Harding LCCN2016858906 (retouched).jpg|90px]]
|{{Sortname|William|Harding|William P. G. Harding}}<br>{{small|(1864–1930)}}
|August 10, 1916
|August 9, 1922
|{{Age in years and days|1916|8|10|1922|8|9}}
|-
!3
|[[File:Daniel R. Crissinger cropped.jpg|90px]]
|{{Sortname|Daniel|Crissinger|Daniel Richard Crissinger}}<br>{{small|(1860–1942)}}
|May 1, 1923
|September 15, 1927
|{{Age in years and days|1923|5|1|1927|9|15}}
|[[Warren G. Harding]]
|-
!4
|[[File:Chair Roy A Young 140501.jpg|90px]]
|{{Sortname|Roy|Young|Roy A. Young}}<br>{{small|(1882–1960)}}
|October 4, 1927
|August 31, 1930
|{{Age in years and days|1927|10|4|1930|8|31}}
|[[Calvin Coolidge]]
|-
!5
|[[File:Portrait of Eugene Meyer.jpg|90px]]
|{{Sortname|Eugene|Meyer|dab=financier}}<br>{{small|(1875–1959)}}
|September 16, 1930
|May 10, 1933
|{{Age in years and days|1930|9|16|1933|5|10}}
|[[Herbert Hoover]]
|-
!6
|[[File:Eugene R Black 1934 (cropped).jpg|90px]]
|{{Sortname|Eugene|Black|Eugene Robert Black}}<br>{{small|(1873–1934)}}
|May 19, 1933
|August 15, 1934
|{{Age in years and days|1933|5|19|1934|8|15}}
|rowspan=2 style="font-weight:normal" |[[Franklin D. Roosevelt]]
|-
!7
|[[File:Marriner Eccles 1939 (cropped).jpg|90px]]
|{{Sortname|Marriner|Eccles|Marriner S. Eccles}}<br>{{small|(1890–1977)}}
|November 15, 1934
|January 31, 1948{{Efn |name=fn5}}
|{{Age in years and days|1934|11|15|1948|1|31}}
|-
!8
|[[File:00035 DUP (14083184875).jpg|90px]]
|{{Sortname|Thomas|McCabe|Thomas B. McCabe}}<br>{{small|(1893–1982)}}
|April 15, 1948
|March 31, 1951
|{{Age in years and days|1948|4|15|1951|3|31}}
|[[Harry S. Truman]]
|-
!9
|[[File:William_McChesney_Martin_jr.jpg|90px]]
|{{Sortname|Bill|Martin|William McChesney Martin}}<br>{{small|(1906–1998)}}
|April 2, 1951
|January 31, 1970
|{{Age in years and days|1951|4|2|1970|1|31}}
|[[Harry S. Truman]]<br>[[Dwight D. Eisenhower]]<br>[[John F. Kennedy]]<br>[[Lyndon B. Johnson]]
|-
!10
|[[File:ArthurBurns USArmyPhoto 1955.jpg|90px]]
|{{Sortname|Arthur|Burns|Arthur F. Burns}}<br>{{small|(1904–1987)}}
|February 1, 1970
|January 31, 1978{{Efn |name=fn6}}
|{{Age in years and days|1970|2|1|1978|1|31}}
|[[Richard Nixon]]
|-
!11
|[[File:G. William Miller.jpg|90px]]
|{{Sortname|William|Miller|G. William Miller}}<br>{{small|(1925–2006)}}
|March 8, 1978
|August 6, 1979
|{{Age in years and days|1978|3|8|1979|8|6}}
|[[Jimmy Carter]]
|-
!12
|[[File:Paulvolcker.jpg|90px]]
|{{Sortname|Paul|Volcker}}<br>{{small|(1927–2019)}}
|August 6, 1979
|August 11, 1987
|{{Age in years and days|1979|8|6|1987|8|11}}
|[[Jimmy Carter]]<br>[[Ronald Reagan]]
|-
!13
|[[File:Alan Greenspan color photo portrait.jpg|90px]]
|{{Sortname|Alan|Greenspan}}<br>{{small|(born 1926)}}
|August 11, 1987{{Efn |name=fn7}}
|January 31, 2006
|{{Age in years and days|1987|8|11|2006|1|31}}
|[[Ronald Reagan]]<br>[[George H. W. Bush]]<br>[[Bill Clinton]]<br>[[George W. Bush]]
|-
!14
|[[File:Ben Bernanke official portrait.jpg|90px]]
|{{Sortname|Ben|Bernanke}}<br>{{small|(born 1953)}}
|February 1, 2006
|January 31, 2014
|{{Age in years and days|2006|2|1|2014|1|31}}
|[[George W. Bush]]<br>[[Barack Obama]]
|-
!15
|[[File:Janet Yellen official Federal Reserve portrait.jpg|90px]]
|{{Sortname|Janet|Yellen}}<br>{{small|(born 1946)}}
|February 3, 2014
|February 3, 2018
|{{Age in years and days|2014|2|3|2018|2|3}}
|[[Barack Obama]]
|-
!16
|[[File:Jerome H. Powell, Federal Reserve Chair.jpg|90px]]
|{{Sortname|Jay|Powell|Jerome Powell}}<br>{{small|(born 1953)}}
|February 5, 2018{{Efn |name=fn8}}
|Incumbent
|{{Age in years and days|2018|2|5}}
|[[Donald Trump]]<br>[[Joe Biden]]
|}

==See also==
{{Portal|United States|Politics|Business and economics|Banks}}
* [[History of central banking in the United States]]
{{Clear}}

==Notes==
{{Notelist|refs=
{{Efn|name=fn1|The position was established as Governor of the Federal Reserve Board on December 23, 1913; thereafter became Chairman of the Board of Governors of the Federal Reserve System on August 23, 1935; and re-aligned to be [[gender-neutral]] after Yellen became the first female officeholder on February 3, 2014.}}
{{Efn|name=fn2|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 their term expiration, resignation, or retirement.}}
{{Efn|name=fn3|A fixed term with reappointment for the Chair, then known as Governor, was not added to the [[Federal Reserve Act]] until the [[Banking Act of 1935]] (P.L. 74-305, 49 Stat. 684).}}
{{Efn|name=fn4|Upon enactment of the [[Federal Reserve Act]] on December 23, 1913, the [[United States secretary of the treasury]] became ex officio chairman of the Federal Reserve Board and a member of the Reserve Bank Organization Committee (RBOC); all appointed officeholders, from [[William Gibbs McAdoo]] to [[Henry Morgenthau Jr.]], concurrently served in the position until the [[Banking Act of 1935]] was signed into law on Aug. 23, 1935, which became effective on Feb. 1, 1936. That legislation ceased ex-officio membership, and the active executive officer (previously called the governor of the Federal Reserve Board) became the chairman of the Board of Governors. For purposes of this list, the governor has been perceived as the head of the Federal Reserve System since the establishment of that position on August 10, 1914, because the treasury secretary is a political appointee who can be dismissed by the [[president of the United States]] at any time, whereas the Federal Reserve has been created as an [[Independent agencies of the United States government|independent government agency]].}}
{{Efn|name=fn5|Served as ''chairman pro tempore'' from February 3 to April 15, 1948.}}
{{Efn|name=fn6|Served as ''chairman pro tempore'' from February 1 to March 8, 1978.}}
{{Efn|name=fn7|Served as ''chairman pro tempore'' from March 3 to June 20, 1996, while awaiting confirmation by the United States Senate for his third term as chairman.}}
{{Efn|name=fn8|Served as ''chair pro tempore'' from February 5 to May 23, 2022, while awaiting confirmation by the United States Senate for his second term as chair.}}
}}

== References ==
{{Reflist}}

==Further reading==
* {{Cite web |date=June 4, 1963 |title=Executive Order 11110 - Amendment of Executive Order No. 10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury |url=http://www.presidency.ucsb.edu/ws/index.php?pid=59049 |publisher=The American Presidency Project |via=UCSB.edu}}
* {{Cite news |last=Andrews |first=Edmund L. |date=November 5, 2005 |title=All for a more open Fed |work=[[New Straits Times]] |page=21}}
* 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==
{{Scholia}}
* {{Official website|http://www.federalreserve.gov/aboutthefed/bios/board/default.htm}}
* [https://fraser.stlouisfed.org/series/3760 Public Statements of the Chairs of the Board of Governors of the Federal Reserve System], via the [[St. Louis Federal Reserve Bank]]
* [https://fraser.stlouisfed.org/series/3759 Nomination hearings, conducted in the Senate, for Chairs and Members of the Board of Governors of the Federal Reserve System]
* [https://fraser.stlouisfed.org/timeline/federal-reserve-chair Timeline of Federal Reserve Chairs] with related resources

{{Federal Reserve System}}
{{Authority control}}

{{DEFAULTSORT:Chair of the Federal Reserve}}
[[Category:Chairs of the Federal Reserve|Chairs of the Federal Reserve| ]]
[[Category:Lists of central bankers|United States]]
[[Category:Leadership positions]]