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The Chairman Part 1
The Chairman Part 1
Published: 2009/03/15
Channel: CBS
Former Federal Reserve chairman weighs in on Trump economic policy
Former Federal Reserve chairman weighs in on Trump economic policy
Published: 2017/05/02
Channel: CBS This Morning
President Donald Trump Announces Nominee For Chairman Of The Federal Reserve | NBC News
President Donald Trump Announces Nominee For Chairman Of The Federal Reserve | NBC News
Published: 2017/11/02
Channel: NBC News
Federal Reserve Chair Janet Yellen
Federal Reserve Chair Janet Yellen
Published: 2017/01/18
Channel: Commonwealth Club
Who will become the next Federal Reserve chair?
Who will become the next Federal Reserve chair?
Published: 2017/10/20
Channel: Fox Business
President Trump Announces New Federal Reserve Chair Nominee 11/2/17
President Trump Announces New Federal Reserve Chair Nominee 11/2/17
Published: 2017/11/02
Channel: Right Side Broadcasting Network
Alan Grayson: "Which Foreigners Got the Fed
Alan Grayson: "Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know."
Published: 2009/07/21
Channel: Alan Grayson
President Trump Announces the Chair of the Board of Governors of the Federal Reserve System Nominee
President Trump Announces the Chair of the Board of Governors of the Federal Reserve System Nominee
Published: 2017/11/02
Channel: The White House
🔴 Bitcoin, Gold, and a New Federal Reserve Chair!
🔴 Bitcoin, Gold, and a New Federal Reserve Chair!
Published: 2017/11/03
Channel: Peter Schiff
WATCH: Trump announces Federal Reserve Chair nomination
WATCH: Trump announces Federal Reserve Chair nomination
Published: 2017/11/02
Channel: PBS NewsHour
Federal Reserve Chair Janet Yellen Tells Congress To Expect Moderate Pace Of Economic Growth
Federal Reserve Chair Janet Yellen Tells Congress To Expect Moderate Pace Of Economic Growth
Published: 2017/07/13
Channel: wwwMOXNEWScom
Federal Reserve Chair Janet Yellen announcement on interest rates. September 20, 2017
Federal Reserve Chair Janet Yellen announcement on interest rates. September 20, 2017
Published: 2017/09/20
Channel: CHANNEL90seconds newscom
MUST WATCH: President Donald Trump Gives URGENT Announcement on His Federal Reserve Chairman Nominee
MUST WATCH: President Donald Trump Gives URGENT Announcement on His Federal Reserve Chairman Nominee
Published: 2017/11/02
Channel: Golden State Times
Greenspan Admits The Federal Reserve  Is Above The Law & Answers To No One
Greenspan Admits The Federal Reserve Is Above The Law & Answers To No One
Published: 2008/01/30
Channel: Illtype
Who is Trump eyeing as the next Chair of the Federal Reserve?
Who is Trump eyeing as the next Chair of the Federal Reserve?
Published: 2017/06/14
Channel: Fox Business
Federal Reserve Chair Janet Yellen news conference. Mar 15. 2017.
Federal Reserve Chair Janet Yellen news conference. Mar 15. 2017.
Published: 2017/03/15
Channel: CHANNEL90seconds newscom
Janet Yellen. Federal Reserve Chair Janet Yellen testifies before Senate Banking Committee  F
Janet Yellen. Federal Reserve Chair Janet Yellen testifies before Senate Banking Committee F
Published: 2017/02/14
Channel: CHANNEL90seconds newscom
Senator Bernie Sanders Interrogates Fed Chairman Ben Bernanke - June 7, 2012
Senator Bernie Sanders Interrogates Fed Chairman Ben Bernanke - June 7, 2012
Published: 2012/06/08
Channel: mccainisthroughX
Pres. Trump Meeting With Candidates for Federal Reserve Chair
Pres. Trump Meeting With Candidates for Federal Reserve Chair
Published: 2017/10/13
Channel: One America News Network
BERNIE SANDERS RIPS APART WALL STREET  FEDERAL RESERVE CHAIRMAN
BERNIE SANDERS RIPS APART WALL STREET FEDERAL RESERVE CHAIRMAN
Published: 2015/09/02
Channel: allenN
Federal Reserve Chair Janet Yellen On The U.S. Economic Outlook
Federal Reserve Chair Janet Yellen On The U.S. Economic Outlook
Published: 2017/02/15
Channel: wwwMOXNEWScom
BREAKING: President Donald Trump will Nominate Jarome Powell as Federal Reserve Chairman
BREAKING: President Donald Trump will Nominate Jarome Powell as Federal Reserve Chairman
Published: 2017/10/30
Channel: Golden State Times
Watch Fed Chair Yellen
Watch Fed Chair Yellen's heated exchange with congressman
Published: 2017/07/12
Channel: CNNMoney
Federal Reserve Chair Janet Yellen testifies before Congress
Federal Reserve Chair Janet Yellen testifies before Congress
Published: 2015/11/05
Channel: Washington Post
Peter Schiff // How will Jerome Powell be as Federal Reserve Chairman
Peter Schiff // How will Jerome Powell be as Federal Reserve Chairman
Published: 2017/11/03
Channel: Revengeance Economics
Federal Reserve Chair Yellen speech at Executives
Federal Reserve Chair Yellen speech at Executives' Club of Chicago. Mar 3. 2017.
Published: 2017/03/03
Channel: CHANNEL90seconds newscom
Janet Yellen, Vice Chair of the Federal Reserve
Janet Yellen, Vice Chair of the Federal Reserve
Published: 2012/11/28
Channel: Berkeley-Haas
The Hon. Janet L. Yellen, Chair, Board of Governors of the Federal Reserve System
The Hon. Janet L. Yellen, Chair, Board of Governors of the Federal Reserve System
Published: 2015/12/02
Channel: The Economic Club of Washington, D.C.
Trump Meeting With Candidates for Federal Reserve Chair
Trump Meeting With Candidates for Federal Reserve Chair
Published: 2017/10/16
Channel: One America News Network
Donnelly Presses Federal Reserve Chair on Offshoring Jobs
Donnelly Presses Federal Reserve Chair on Offshoring Jobs
Published: 2016/02/11
Channel: Senator Donnelly
Trump Chooses Powell To Replace Obama’s Federal Reserve Chair
Trump Chooses Powell To Replace Obama’s Federal Reserve Chair
Published: 2017/11/02
Channel: Martin Brodel
Sources: Jerome Powell Eyed As Next Federal Reserve Chair
Sources: Jerome Powell Eyed As Next Federal Reserve Chair
Published: 2017/11/02
Channel: CBS New York
Chairman Bernanke
Chairman Bernanke's College Lecture Series: The Federal Reserve and the Financial Crisis, Part 1
Published: 2012/03/20
Channel: FedReserveBoard
Federal Reserve Chair Janet Yellen Gets Medical Attention After Struggling To Finish Speech
Federal Reserve Chair Janet Yellen Gets Medical Attention After Struggling To Finish Speech
Published: 2015/09/25
Channel: wwwMOXNEWScom
President Trump Delivers Remarks on the Federal Reserve Chairman
President Trump Delivers Remarks on the Federal Reserve Chairman
Published: 2017/11/02
Channel: The White House
Trump to pick next Federal Reserve chair
Trump to pick next Federal Reserve chair
Published: 2017/10/23
Channel: Newsy
Jim Cramer Breaks Down the Benefits of a Possible Federal Reserve Chair Gary Cohn
Jim Cramer Breaks Down the Benefits of a Possible Federal Reserve Chair Gary Cohn
Published: 2017/07/12
Channel: TheStreet
President Trump Nominates Jerome Powell as Federal Reserve Chair
President Trump Nominates Jerome Powell as Federal Reserve Chair
Published: 2017/11/03
Channel: Danielle DiMartino Booth — MONEY STRONG, LLC
Yellen ( Federal Reserve Chair) Testifies at House (15/2/2017) Live Stream
Yellen ( Federal Reserve Chair) Testifies at House (15/2/2017) Live Stream
Published: 2017/02/15
Channel: PS4 Play
Jerome Powell is Trump
Jerome Powell is Trump's new choice for the chair of the Federal Reserve Powell
Published: 2017/11/02
Channel: New York Daily News
President Donald Trump Nominates Jerome Powell For Federal Reserve Chair | NBC News
President Donald Trump Nominates Jerome Powell For Federal Reserve Chair | NBC News
Published: 2017/11/02
Channel: NBC News
Federal Reserve Chair Janet Yellen News Conference
Federal Reserve Chair Janet Yellen News Conference
Published: 2017/06/16
Channel: rmstock
Trump says will decide on Federal Reserve chair
Trump says will decide on Federal Reserve chair 'very shortly'
Published: 2017/10/23
Channel: Wochit News
Federal Reserve Chairman Janet Yellen defies President-elect Trump
Federal Reserve Chairman Janet Yellen defies President-elect Trump
Published: 2016/11/18
Channel: Illuminati Silver
Laudable Pursuit - Sen Lee questions Federal Reserve Chair, Janet Yellen
Laudable Pursuit - Sen Lee questions Federal Reserve Chair, Janet Yellen
Published: 2016/11/18
Channel: senatormikelee
Could Gary Cohn replace Federal Reserve Chair Janet Yellen?
Could Gary Cohn replace Federal Reserve Chair Janet Yellen?
Published: 2017/04/26
Channel: Fox Business
Chairman Bernanke
Chairman Bernanke's College Lecture Series: The Federal Reserve and the Financial Crisis, Part 2
Published: 2012/03/22
Channel: FedReserveBoard
Federal Reserve Chair Janet Yellen Says Interest Rates May Be Rising Soon!
Federal Reserve Chair Janet Yellen Says Interest Rates May Be Rising Soon!
Published: 2016/11/18
Channel: wwwMOXNEWScom
Bernie Sanders Confronts Alan Greenspan
Bernie Sanders Confronts Alan Greenspan
Published: 2015/06/02
Channel: Women For Justice - Our Revolution
President Obama Nominates Ben Bernanke for Chairman of the Federal Reserve
President Obama Nominates Ben Bernanke for Chairman of the Federal Reserve
Published: 2009/08/25
Channel: The Obama White House
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WIKIPEDIA ARTICLE

From Wikipedia, the free encyclopedia
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Chair of the Board of Governors of the Federal Reserve System
Seal of the United States Federal Reserve Board.svg
Flag of the United States Federal Reserve.svg
Janet Yellen official Federal Reserve portrait.jpg
Incumbent
Janet Yellen

since February 1, 2014
Appointer President of the United States
Formation August 10, 1914; 103 years ago (1914-08-10)
First holder Charles Sumner Hamlin
Salary $201,700[1] (2017)
Website Bios

The Chair of the Board of Governors of the Federal Reserve System is the head of 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"[2] of the Board of Governors of the Federal Reserve System.

The chair is chosen by the President of the United States from among the members of the Board of Governors; and serves for four-year-terms after appointment. A chair may be appointed for several consecutive terms. William Martin was the longest serving chair, holding the position from 1951 to 1970.

The current chair is Janet Yellen, the first woman to hold the position.[3] She began her term on February 1, 2014, and previously served as the Vice-Chair from 2010 to 2014. The current term will end on or about February 1, 2018. On November 2, 2017, President Donald Trump nominated Jerome Powell to serve as the next Chairman.[4]

1935 reorganization[edit]

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."[5] The directors' salaries were significantly lower (at $12,000 when first appointed in 1914[6]) 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.[7]

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]

Thus, Marriner Eccles was the first actual "Chairman of the Board of Governors of the Federal Reserve Board". The others prior to 1935 were "Chairman of the Board of Directors of the Federal Reserve System", with much more circumscribed power.[citation needed]

Appointment process[edit]

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 four year terms.[1][8]

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.[9] 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[edit]

The law applicable to the Chair and all other members of the Board provides (in part):

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.[10]

List of Fed Chairs[edit]

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 2014, there have been a total of fifteen Fed Chairs.[11]

Name (chair)[12][13]
(birth–death)
Photo Term of office Appointed by
(term)
Start of term End of term
1 Charles Sumner Hamlin
(1861–1938)
Charles Hamlin-headshot.jpg August 10, 1914 August 10, 1916 Woodrow Wilson
President Woodrow Wilson portrait December 2 1912.jpg
(1913–1921)
2 William P. G. Harding
(1864–1930)
William P.G. Harding-headshot.jpg August 10, 1916 August 9, 1922
3 Daniel R. Crissinger
(1860–1942)
Daniel R. Crissinger cropped.jpg May 1, 1923 September 15, 1927 Warren G. Harding
Warren G Harding portrait as senator June 1920.jpg
(1921–1923)
4 Roy A. Young
(1882–1960)
Roy A. Young 2.jpg October 4, 1927 August 31, 1930 Calvin Coolidge
John Calvin Coolidge, Bain bw photo portrait.jpg
(1923–1929)
5 Eugene Meyer
(1875–1959)
Portrait of Eugene Meyer.jpg September 16, 1930 May 10, 1933 Herbert Hoover
HerbertHoover.jpg
(1929–1933)
6 Eugene Robert Black
(1873–1934)
May 19, 1933 August 15, 1934 Franklin D. Roosevelt
FDR in 1933.jpg
(1933–1945)
7 Marriner S. Eccles
(1890–1977)
Marriner Eccles.jpg November 15, 1934 February 3, 1948[14]
8 Thomas B. McCabe
(1893–1982)
April 15, 1948 April 2, 1951 Harry S. Truman
Harry S. Truman.jpg
(1945–1953)
9 William M. Martin
(1906–1998)
William McChesney Martin jr.jpg April 2, 1951 February 1, 1970
10 Arthur F. Burns
(1904–1987)
ArthurBurns USArmyPhoto 1955.jpg February 1, 1970 January 31, 1978 Richard Nixon
Richard M. Nixon, ca. 1935 - 1982 - NARA - 530679.jpg
(1969–1974)
11 G. William Miller
(1925–2006)
G. William Miller.jpg March 8, 1978 August 6, 1979 Jimmy Carter
Carter cropped.jpg
(1977–1981)
12 Paul Volcker
(1927–)
Paulvolcker.jpg August 6, 1979 August 11, 1987
13 Alan Greenspan
(1926–)
Alan Greenspan color photo portrait.jpg August 11, 1987 January 31, 2006[15] Ronald Reagan
Official Portrait of President Reagan 1981-cropped.jpg
(1981–1989)
14 Ben Bernanke
(1953–)
Ben Bernanke official portrait.jpg February 1, 2006 January 31, 2014 George W. Bush
GeorgeWBush.jpg
(2001–2009)
15 Janet Yellen
(1946–)
Janet Yellen official Federal Reserve portrait.jpg February 1, 2014[16] Incumbent Barack Obama
Obama portrait crop.jpg
(2009–2017)
16 Jerome Powell

(1953–)

Jerome H. Powell.jpg TBD TBD Donald Trump

Official Portrait of President Donald Trump (cropped).jpg

(2017–)

See also[edit]

Notes[edit]

  1. ^ a b "Federal Reserve Chair Janet Yellen Makes Less Than 113 Other Staffers At The Fed". The Huffington Post. December 16, 2014. Retrieved April 24, 2015. 
  2. ^ see 12 U.S.C. § 242
  3. ^ "Senate Confirms Yellen as Fed Chairwoman". New York Times. Retrieved January 6, 2014. 
  4. ^ Gensler, Lauren (November 2, 2017). "Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity". Forbes. 
  5. ^ Sec. 203, Banking Act of 1935, Public Law no. 305, 49 Stat. 684, 704 (Aug. 23, 1935).
  6. ^ "The Reserve Board Nominations". The Independent. July 20, 1914. Retrieved August 21, 2012. 
  7. ^ Meltzer, Allan H. (2003). A history of the Federal Reserve: Volume 1, 1913-1951. Chicago: University of Chicago Press. 
  8. ^ "The Structure of the Federal Reserve System". Federalreserve.gov. Retrieved April 24, 2015. 
  9. ^ Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Retrieved January 16, 2009. 
  10. ^ 12 U.S.C. § 244
  11. ^ "Federal Reserve Bank Presidents". The Federal Reserve Bank of St. Louis. Retrieved December 8, 2007. 
  12. ^ "Chairs". Membership of the Board of Governors of the Federal Reserve System, 1914–present. The Federal Reserve Board. February 3, 2014. Retrieved February 10, 2014. 
  13. ^ Chairs were designated Governors before August 23, 1935, and were then designated Chairmen until approximately 2014, when Yellen became the first female chair.
  14. ^ Served as Chair pro tempore from February 3, 1948 to April 15, 1948.
  15. ^ Served as Chair pro tempore from March 3, 1996 to June 20, 1996.
  16. ^ "Econoday Economic Report: FYI January 30, 2014". Bloomberg.econoday.com. February 1, 2014. Retrieved April 24, 2015. 

References[edit]

External links[edit]

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