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Chair of the Federal Reserve
The chairman of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chairman presides at meetings of the Board.
The chairman serves a four-year term after being nominated by the president of the United States and confirmed by the United States Senate; the officeholder serves concurrently as a member of the Board of Governors. The chairman may serve multiple terms, subject to re-nomination and confirmation each time; William McChesney Martin (1951–1970) was the longest serving chair, with Alan Greenspan (1987–2006) a close second.
Jerome Powell was sworn in as chairman on February 5, 2018. He had been first nominated to the position by President Donald Trump on November 2, 2017, and confirmed by the Senate. He was nominated to a second term by President Joe Biden, confirmed by the Senate, and sworn in on May 23, 2022.
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.
By law, at meetings of the Board the chairman presides; in his or her absence, the vice chairman presides. In the absence of the chairman and the vice chairman, the Board shall elect a member to act as chairman pro tempore.
Under the chairman'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 chairman 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 chairman of the Board in practice.
By law, the chairman reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He or she 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.
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Chair of the Federal Reserve
The chairman of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chairman presides at meetings of the Board.
The chairman serves a four-year term after being nominated by the president of the United States and confirmed by the United States Senate; the officeholder serves concurrently as a member of the Board of Governors. The chairman may serve multiple terms, subject to re-nomination and confirmation each time; William McChesney Martin (1951–1970) was the longest serving chair, with Alan Greenspan (1987–2006) a close second.
Jerome Powell was sworn in as chairman on February 5, 2018. He had been first nominated to the position by President Donald Trump on November 2, 2017, and confirmed by the Senate. He was nominated to a second term by President Joe Biden, confirmed by the Senate, and sworn in on May 23, 2022.
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.
By law, at meetings of the Board the chairman presides; in his or her absence, the vice chairman presides. In the absence of the chairman and the vice chairman, the Board shall elect a member to act as chairman pro tempore.
Under the chairman'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 chairman 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 chairman of the Board in practice.
By law, the chairman reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He or she 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.