The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve—the central bank of the United States—and is the active executive officer of the Board of Governors of the Federal Reserve System. The chair presides at meetings of the Board.[2]
| Chair of the Board of Governors of the Federal Reserve System | |
|---|---|
 Seal of the Board of Governors | |
 Flag of the Federal Reserve System | |
| United States Federal Reserve System | |
| Style | Mr. Chairman |
| Member of | Board of Governors Open Market Committee |
| Reports to | United States Congress |
| Seat | Eccles Building Washington, D.C. |
| Appointer | The president with Senate advice and consent |
| Term length | Four years, renewable (as chair) 14 years, non-renewable (as governor) |
| Constituting instrument | Federal Reserve Act |
| Formation | August 10, 1914 |
| First holder | Charles Sumner Hamlin |
| Deputy | Vice Chair of the Federal Reserve |
| Salary | Executive Schedule, Level I[1] |
| Website | Official website |
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The chair 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 chair 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) second.
The office is currently held by Kevin Warsh, who was sworn in on May 22, 2026, after being confirmed by the narrowest margin in history. He is the first pro-crypto chair of the Federal Reserve.[3]
Appointment process
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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.[2][4][5][6] The Senate Committee responsible for vetting a Federal Reserve chair nominee is the Senate Committee on Banking.
Duties of the chair
editBy 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.[7]
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.[8]
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,[9] 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.[10]
Conflict of interest law
editThe 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.[11]
Salary
editThe chair of the Federal Reserve is a Level I position in the Executive Schedule,[1] thus earning the salary for that level (US$246,400, as of April 2024).[12]
List of Fed chairs
editFollowing the enactment of the Federal Reserve Act on December 23, 1913, the United States secretary of the treasury, William Gibbs McAdoo became responsible for overseeing of the establishment of the Federal Reserve system. He became the ex officio chairman of the Federal Reserve Board and a member of the Reserve Bank Organization Committee (RBOC). Until the Banking Act of 1935 was signed into law on Aug. 23, 1935 and became effective on Feb. 1, 1936, the incumbent treasury secretary had also been the ex officio Fed chair, whilst the de facto active head of the central bank was known as the governor of the Federal Reserve Board. The 1935 Act ended ex-officio membership of the treasury secretary, re-designating the governor as the chairman of the Board of Governors.
Since Alan Greenspan's term beginning in 1987, Fed chairs have largely been economists with a doctorate in economics, with the exception of Jerome Powell, who had been a lawyer and investment banker before the start of his term.[13] Arthur Burns had been the first Fed chair to have a PhD in economics, although his two successors prior to Greenspan did not.[14] Some economists have argued that a Fed chair ought to have a PhD in economics.[13][15]
The following is a list of the past and present chairs of the Board of Governors of the Federal Reserve System as well as governors of the Federal Reserve Board prior to the 1935 Act taking effect. 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.[a][16][17]
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See also
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Notes
edit- ↑ The position was established as Governor of the Federal Reserve Board on December 23, 1913; thereafter became Chairman of the Board of Governors of the Federal Reserve System on August 23, 1935; and re-aligned to be gender-neutral after Yellen became the first female officeholder on February 3, 2014.
- ↑ The start date given here for each officeholder is the day they took the oath of office, and the end date is the day of their term expiration, resignation, or retirement.
- ↑ A fixed term with reappointment for the Chair, then known as Governor, was not added to the Federal Reserve Act until the Banking Act of 1935 (P.L. 74-305, 49 Stat. 684).
- ↑ Upon enactment of the Federal Reserve Act on December 23, 1913, the United States secretary of the treasury became ex officio chairman of the Federal Reserve Board and a member of the Reserve Bank Organization Committee (RBOC); all appointed officeholders, from William Gibbs McAdoo to Henry Morgenthau Jr., concurrently served in the position until the Banking Act of 1935 was signed into law on Aug. 23, 1935, which became effective on Feb. 1, 1936. That legislation ceased ex-officio membership, and the active executive officer (previously called the governor of the Federal Reserve Board) became the chairman of the Board of Governors. For purposes of this list, the governor has been perceived as the head of the Federal Reserve System since the establishment of that position on August 10, 1914, because the treasury secretary is a political appointee who can be dismissed by the president of the United States at any time, whereas the Federal Reserve has been created as an independent government agency.
- ↑ Served as chairman pro tempore from February 3 to April 15, 1948.
- ↑ Served as chairman pro tempore from February 1 to March 8, 1978.
- ↑ Served as chairman pro tempore from March 3 to June 20, 1996, while awaiting confirmation by the United States Senate for his third term as chairman.
- ↑ Served as chair pro tempore from February 5 to May 23, 2022, while awaiting confirmation by the United States Senate for his second term as chair.
- ↑ Served as the acting Chairman of the Federal Reserve from May 15 to May 22, 2026, while awaiting his successor being sworn in.
References
edit- 1 2 5 U.S.C. § 5312
- 1 2 see 12 U.S.C. § 242
- ↑ https://www.reuters.com/business/warsh-takes-over-fed-with-policy-problem-already-view-2026-05-22/
- ↑ "The Fed - Board Members". Board of Governors of the Federal Reserve System. February 21, 2018. Archived from the original on March 18, 2018. Retrieved June 1, 2018.
- ↑ "The Structure of the Federal Reserve System". Federalreserve.gov. Archived from the original on April 23, 2015. Retrieved April 24, 2015.
- ↑ Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved January 16, 2009.
- ↑ see 12 U.S.C. § 244
- ↑ "The Structure and Functions of the Federal Reserve System". www.federalreserveeducation.org. February 21, 2019. Archived from the original on November 13, 2019. Retrieved June 1, 2018.
- ↑ see FOMC Rules of Organisation at https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm
- ↑ "Chair of the Federal Reserve Board". www.stlouisfed.org. February 12, 2019. Archived from the original on June 16, 2018. Retrieved June 12, 2018.
- ↑ 12 U.S.C. § 244
- ↑ "Rates of Basic Pay for the Executive Schedule" (PDF). OPM. January 1, 2022. Archived (PDF) from the original on May 8, 2022. Retrieved January 2, 2022.
- 1 2 "Trump Wants a Non-Economist to Lead the Fed. That Could Be Dangerous. | Mercatus Center". www.mercatus.org. November 2, 2017. Retrieved February 6, 2026.
- ↑ Fox, Justin (February 3, 2014). "How Economics PhDs Took Over the Federal Reserve". Harvard Business Review. ISSN 0017-8012. Retrieved February 6, 2026.
- ↑ "Why Trump's Federal Reserve Pick May Surprise Him". POLITICO. February 4, 2026. Retrieved February 7, 2026.
- ↑ "Chairs". Membership of the Board of Governors of the Federal Reserve System, 1914–present. The Federal Reserve Board. March 1, 2025 [updated as required]. Archived from the original on February 12, 2022.
- ↑ "People: Federal Reserve Chair". Federal Reserve System.
Further reading
edit- "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. June 4, 1963 – via UCSB.edu.
- Andrews, Edmund L. (November 5, 2005). "All for a more open Fed". New Straits Times. p. 21.
- 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.
External links
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- Official website
- Public Statements of the Chairs of the Board of Governors of the Federal Reserve System, via the St. Louis Federal Reserve Bank
- Nomination hearings, conducted in the Senate, for Chairs and Members of the Board of Governors of the Federal Reserve System
- Timeline of Federal Reserve Chairs with related resources