![]() One of the chairman’s most important duties is to serve as the chair of the Federal Open Market Committee (FOMC), which is critical in setting short-term U.S. The board also supervises and regulates the Federal Reserve Banks, exercises responsibility in the nation’s payments system, and administers consumer credit protection laws. Under the chairman’s leadership, the Board’s responsibilities include analysis of domestic and international financial and economic developments. In the absence of the chairman and the vice chairman, the Board shall elect a member to act as chairman pro tempore. The Senate Committee responsible for vetting a Federal Reserve chair nominee is the Senate Committee on Banking.īy law, at meetings of the Board the chairman shall preside, and, in his absence, the vice chairman shall preside. Yellen was vice chair when the photograph was taken.Īs stipulated by the Banking Act of 1935, the president may designate to serve as Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors. Appointment process Federal Reserve Chairs (Left to Right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker. He was subsequently nominated to a second term by President Joe Biden, later confirmed by the Senate and sworn in on May 23, 2022. He was nominated to the position by President Donald Trump on November 2, 2017, and later confirmed by the Senate. The current chairman is Jerome Powell, who was sworn in on February 5, 2018. The president may not have the legal authority to dismiss a chairman before the end of a term, although this assumption has never been tested in court. The chairman may serve multiple terms, pending a new nomination and confirmation at the end of each term, with William McChesney Martin as the longest serving chair from 1951 to 1970 and Alan Greenspan as a close second. 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 member of the Board of Governors. The chairman presides at meetings of the Board. 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.
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