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Chair of the Federal Reserve

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Chair of the Federal Reserve
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{{Use mdy dates|date=July 2016}}







factoids
weblink|www.federalreserve.gov}}}}The Chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, which is the central banking system of the United States. The position is known colloquially as "Chair of the Fed" or "Fed Chair". The chair is the "active executive officer"see {{usc|12|242}} of the Board of Governors of the Federal Reserve System. The chair reports to Congress twice a year on progress towards the Fed’s responsibilities and monetary policy objectives, which are “maximum employment, stable prices, and moderate long-term interest rates.”The chair is nominated by the President of the United States from among the members of the Board of Governors, and serves a term of four years after being confirmed by the United States Senate. A chair may serve multiple consecutive terms, pending a new nomination and confirmation at the end of each. William Martin was the longest serving chair, holding the position from 1951 to 1970. The chair does not serve at the pleasure of the president, meaning that he or she cannot be dismissed by the president, though the chair can resign before the end of the term.Can the President Fire the Chairman of the Federal Reserve?The current Chairman is Jerome Powell, who was sworn in on February 5, 2018.WEB,weblink Jerome H. Powell sworn in as Chairman of the Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, en, 2018-02-05, NEWS,weblink Powell Takes Over as Fed Chief as Economy Starts to Show Strain, Appelbaum, Binyamin, 2018-02-04, The New York Times, 2018-02-05, en-US, 0362-4331, NEWS, NPR, Senate Confirms Jerome Powell As New Federal Reserve Chair, February 3, 2018,weblink NEWS,weblink Yellen leaving Fed Saturday, Powell to be sworn in Monday, Cox, Jeff, January 31, 2018, CNBC, February 3, 2018, He was nominated to the position by President Donald Trump on November 2, 2017, and was later confirmed by the Senate.NEWS, Gensler, Lauren, Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity,weblink Forbes, November 2, 2017,

1935 reorganization

Section 203 of the Banking Act of 1935 changed the name of the "Federal Reserve Board" to the "Board of Governors of the Federal Reserve System."Sec. 203, Banking Act of 1935, Public Law no. 305, 49 Stat. 684, 704 (Aug. 23, 1935). The directors' salaries were significantly lower (at $12,000 when first appointed in 1914NEWS, The Reserve Board Nominations,weblink The Independent, July 20, 1914, August 21, 2012, ) and their terms of office were much shorter prior to 1935. In effect, the Federal Reserve Board members in Washington, D.C., were significantly less powerful than the presidents of the regional Federal Reserve Banks prior to 1935.BOOK, Meltzer, Allan H., A history of the Federal Reserve: Volume 1, 1913-1951, University of Chicago Press, 2003, Chicago, In the 1935 Act, the district heads had their titles changed to "President" (e.g., "President of the Federal Reserve Bank of St. Louis").{{Citation needed|date=July 2016}}

Appointment process

(File:VCY CG CB CV cent grp 121613 0517 02844 (13896600480).jpg|thumb|left|Fed chairs from 1979 to 2018)As stipulated by the Banking Act of 1935, the President of the United States appoints the seven members of the Board of Governors; they must then be confirmed by the Senate and serve fourteen year terms.WEB, The Fed - Board Members,weblink Board of Governors of the Federal Reserve System, June 1, 2018, February 21, 2018, WEB,weblink The Structure of the Federal Reserve System, Federalreserve.gov, April 24, 2015, The nominees for chair and vice-chair may be chosen by the President from among the sitting Governors for four-year terms; these appointments are also subject to Senate confirmation.NEWS, Federal Reserve,weblink Board of Governors FAQ, Federal Reserve, January 16, 2009, January 16, 2009, yes,weblink" title="web.archive.org/web/20090117011308weblink">weblink January 17, 2009, mdy-all, The Senate Committee responsible for vetting a Federal Reserve Chair nominee is the Senate Committee on Banking.By law, the chair reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He or she also testifies before Congress on numerous other issues and meets periodically with the Treasury Secretary.

Conflict of interest law

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

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. As of 2018, there have been a total of sixteen Fed Chairs.WEB, Federal Reserve Bank Presidents, The Federal Reserve Bank of St. Louis,weblink December 8, 2007, {| class="wikitable" style="text-align:center"!rowspan="2"|{{No.}}!rowspan="2"|Portrait!rowspan="2"|NameWEB, Chairs, Membership of the Board of Governors of the Federal Reserve System, 1914–present, The Federal Reserve Board, February 3, 2014,weblink February 10, 2014, Chairs were designated Governors before August 23, 1935, and were then designated Chairmen until approximately 2014, when Yellen became the first female chair.{{small|(birth–death)}}!colspan="2"|Term of office!rowspan="2"|First appointed by{{small|(term)}}!Start of term!End of term!190px)Charles Sumner Hamlin{{small>(1861–1938)}}|August 10, 1914|August 10, 1916!style="font-weight:normal" rowspan="2"|Woodrow Wilson{{small|(1913–1921)}}!290px)William P. G. Harding{{small>(1864–1930)}}|August 10, 1916|August 9, 1922!390px)Daniel Richard Crissinger>Daniel R. Crissinger{{small|(1860–1942)}}|May 1, 1923|September 15, 1927!style="font-weight:normal"|Warren G. Harding{{small|(1921–1923)}}!490px)Roy A. Young{{small>(1882–1960)}}|October 4, 1927|August 31, 1930!style="font-weight:normal"|Calvin Coolidge{{small|(1923–1929)}}!590px)Eugene Meyer (financier)>Eugene Meyer{{small|(1875–1959)}}|September 16, 1930|May 10, 1933!style="font-weight:normal"|Herbert Hoover{{small|(1929–1933)}}!690px)Eugene Robert Black{{small>(1873–1934)}}|May 19, 1933|August 15, 1934!style="font-weight:normal" rowspan="2"|Franklin D. Roosevelt{{small|(1933–1945)}}!790px)Marriner Stoddard Eccles>Marriner S. Eccles{{small|(1890–1977)}}|November 15, 1934|February 3, 1948Served as Chair pro tempore from February 3, 1948 to April 15, 1948.!890px)Thomas B. McCabe{{small>(1893–1982)}}|April 15, 1948|April 2, 1951!style="font-weight:normal" rowspan="2"|Harry S. Truman{{small|(1945–1953)}}!990px)William McChesney Martin>William M. Martin{{small|(1906–1998)}}|April 2, 1951|February 1, 1970!1090px)Arthur F. Burns{{small>(1904–1987)}}|February 1, 1970|January 31, 1978!style="font-weight:normal"|Richard Nixon{{small|(1969–1974)}}!1190px)G. William Miller{{small>(1925–2006)}}|March 8, 1978|August 6, 1979!style="font-weight:normal" rowspan="2"|Jimmy Carter{{small|(1977–1981)}}!1290px)Paul Volcker{{small>(1927–)}}|August 6, 1979|August 11, 1987!1390px)Alan Greenspan{{small>(1926–)}}|August 11, 1987|January 31, 2006Served as Chair pro tempore from March 3, 1996 to June 20, 1996.!style="font-weight:normal"|Ronald Reagan{{small|(1981–1989)}}!1490px)Ben Bernanke{{small>(1953–)}}|February 1, 2006|January 31, 2014!style="font-weight:normal"|George W. Bush{{small|(2001–2009)}}!1590px)Janet Yellen{{small>(1946–)}}PUBLISHER=FEDERALRESERVE.GOV ACCESSDATE=JANUARY 26, 2018 ARCHIVE-DATE=APRIL 13, 2017, yes, |February 3, 2018!style="font-weight:normal"|Barack Obama{{small|(2009–2017)}}!1690px)Jerome Powell{{small>(1953–)}}|February 5, 2018|Incumbent!style="font-weight:normal"|Donald Trump{{small|(2017–)}}

See also

Notes

{{reflist}}

References

  • 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.
  • NEWS, Andrews, Edmund L., November 5, 2005, All for a more open Fed, New Straits Times, 21,
  • WEB,weblink Executive Order 11110 - Amendment of Executive Order No. 10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury, The American Presidency Project, , via UCSB.edu

External links

{{Federal Reserve System}}

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