Chair of the Federal Reserve

Appointment process

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. 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.

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.

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, 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.

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, thus earning the salary for that level (US$246,400, as of April 2024).

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.

Notes

References

References

1. {{UnitedStatesCode. 5. 5312
2. "Jerome H. Powell sworn in as Chairman of the Board of Governors of the Federal Reserve System".
3. Cox, Jeff. (2018-02-05). "Jerome Powell takes the reins at the Fed amid market sell-off, jump in yields".
4. Gensler, Lauren. (November 2, 2017). "Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity". Forbes.
5. "Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System".
6. Saphir, Ann. (2022-05-23). "Powell sworn in to second four-year term as U.S. Fed chief".
7. see {{Usc. 12. 242
8. (February 21, 2018). "The Fed - Board Members".
9. "The Structure of the Federal Reserve System". Federalreserve.gov.
10. Federal Reserve. (January 16, 2009). "Board of Governors FAQ". Federal Reserve.
11. see {{Usc. 12. 244
12. (February 21, 2019). "The Structure and Functions of the Federal Reserve System".
13. see FOMC Rules of Organisation at https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm
14. (February 12, 2019). "Chair of the Federal Reserve Board".
15. {{Usc. 12. 244
16. (2022-01-01). "Rates of Basic Pay for the Executive Schedule". OPM.
17. (March 1, 2025). "Chairs". The Federal Reserve Board.
18. "People: Federal Reserve Chair". Federal Reserve System.