List of Fed chairs
| # | Name (birth–death) | Term of office |
|---|---|---|
| End of term | ||
| 13 | Alan Greenspan (born 1926) | January 31, 2006 |
| 14 | Ben Bernanke (born 1953) | January 31, 2014 |
| 15 | Janet Yellen (born 1946) | February 3, 2018 |
Who was the previous Fed chair and what was the big deal about the previous chair?
Ben Bernanke is a former Federal Reserve chair, serving from 2006-2014. As Fed chair, Bernanke oversaw the central bank’s response to the 2008 financial crisis and Great Recession that followed. Bernanke succeeded Alan Greenspan and was replaced by Janet Yellen.
Who were the original members of the Federal Reserve?
Initially, the Federal Reserve Board consisted of seven members:
- The Secretary of the Treasury and the Comptroller of the Currency, who were members ex officio (members by virtue of their office).
- The U.S. President appointed the other five members, by and with the advice and consent of the Senate.
Why is the chairman of the Federal Reserve important?
The chair of the Federal Reserve Board is the active and most visible executive officer at the Federal Reserve Board. The chair provides leadership and executes the mandate of the central bank, pushing for maximum employment, stable prices, and long-term interest rates in the moderate range.
How long does Fed Chairman serve?
14 years
Appointment of the Chair Members of the Fed serve staggered terms of 14 years and may not be removed for their policy opinions. The president nominates a chair and vice-chair, both of whom the Senate must also confirm.
Who appoints Federal Reserve bank presidents?
Federal Reserve Board of Governors
The process for selecting a Federal Reserve Bank president is set forth in the Federal Reserve Act. Subject to the approval of the Federal Reserve Board of Governors, the president is appointed by the Reserve Bank’s Class B and C directors (those directors who are not affiliated with a supervised entity).
Who is the chair of the Federal Reserve?
Jerome H. Powell took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term.
Who was the chairman of the Federal Reserve in 1970?
Arthur F. Burns served as Chairman of the Board of Governors of the Federal Reserve System from February 1, 1970, to January 31, 1978. After his term as Chairman, he served as Pro Tempore Chairman from February 1, 1978 through March 7, 1978, and remained a member of the Board until March 31, 1978.
When do Federal Reserve Board members have to be reappointed?
Any person appointed as a member of the Board after the date of enactment of the Banking Act of 1935 shall not be eligible for reappointment as such member after he shall have served a full term of fourteen years. [12 USC 242.
When did the Federal Reserve Board become the Board of Governors?
1. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and created the position of Chairman and Vice Chairman. Previously, the Chairman was the Secretary of the Treasury. Return to text 2.
