Chair of the Federal Reserve

Jerome Powell
Occupation	Chairperson of the Board of Governors of the Federal Reserve System
Years active	2018–present
Known for	Chairing the Federal Reserve since February 5, 2018

The chairperson of the Board of Governors of the Federal Reserve System serves as the leader of the Federal Reserve and functions as the chief executive officer of the Board of Governors. This individual presides over meetings held by the Board.

Selected by the president of the United States and confirmed through the United States Senate, the chairperson holds a renewable four-year term and simultaneously occupies a position on the Board of Governors. Distinguished chairs with extended tenures include William McChesney Martin (1951–1970) and Alan Greenspan (1987–2006).

Jerome Powell began his tenure as chairman on February 5, 2018, following his nomination by President Donald Trump and subsequent Senate approval. He was later reappointed by President Joe Biden, confirmed again, and officially sworn in for a second term on May 23, 2022.

Appointment process

According to the provisions of the Banking Act of 1935, the chairperson is chosen by the president from among current governors for a four-year duration, pending confirmation by the Senate. Nominees undergo evaluation by the Senate Committee on Banking.

Duties of the Fed chairman

The chairperson leads meetings of the Board; if absent, either the vice chairman or a designated member assumes the role of chair pro tempore.

As head of the Board, this individual directs assessments of both domestic and international financial trends, supervises Federal Reserve Banks, manages the country's payment systems, and enforces laws related to consumer credit.

Traditionally, the chair also presides over the Federal Open Market Committee (FOMC), which determines U.S. short-term monetary policy. Although any FOMC member can be elected chair, historically this position has always been filled by the Board chairperson.

By statute, the chairperson must report twice yearly to Congress regarding monetary policy objectives, provide testimony on financial issues, and hold regular consultations with the treasury secretary, a Cabinet official.

Conflict of interest law

Legislation governing conflicts of interest applies to both the chairperson and other board members as follows:

Salary

The Chairperson of the Federal Reserve occupies a Level I Executive Schedule role, receiving an annual salary of US$246,400 as of April 2024.

List of Fed chairs

Chairs serve terms lasting four years and are eligible for reappointment. Since 1914, these individuals have held this office:

	Portrait	Name	Term in office		Duration	Appointed by
			Start	End
-			December 23, 1913	August 10, 1914		ex officio
1			August 10, 1914	August 9, 1916		Woodrow Wilson
2			August 10, 1916	August 9, 1922		Woodrow Wilson
3			May 1, 1923	September 15, 1927		Warren G. Harding
4			October 4, 1927	August 31, 1930		Calvin Coolidge
5			September 16, 1930	May 10, 1933		"Herbert Hoover" See also History of central banking in the United States Further reading 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 Official site Public statements from Chairs of the Board of Governors of the Federal Reserve System hosted by the St. Louis Federal Reserve Bank Confirmation hearings for Chairs and Members of the Board of Governors of the Federal Reserve System Chronological overview of Federal Reserve Chairs including supplementary materials