Chair of the Federal Reserve facts for kids

Quick facts for kids Chairman of the Board of Governors of the Federal Reserve System
Flag of the Federal Reserve System
Seal of the Board of Governors
Incumbent Jerome Powell since February 5, 2018
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	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; 110 years ago (1914-08-10)
First holder	Charles Sumner Hamlin
Deputy	Vice Chair of the Federal Reserve
Salary	Executive Schedule, Level I

The Chairman of the Board of Governors of the Federal Reserve System is like the boss of the Federal Reserve. This person leads the group that manages America's money system. They are in charge of meetings for the Board of Governors.

The Chairman serves a four-year term. They are chosen by the President and approved by the United States Senate. A Chairman can serve more than one term if they are nominated and approved again. William McChesney Martin served the longest, from 1951 to 1970. Alan Greenspan was Chairman for almost as long, from 1987 to 2006.

The current Chairman is Jerome Powell. He started his first term on February 5, 2018. President Donald Trump nominated him for the job. Later, President Joe Biden nominated him for a second term. He was sworn in again on May 23, 2022.

How the Chairman Is Chosen

Federal Reserve Chairs (left to right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker. Photo taken 1 May 2014, when Yellen was Chair.

The President chooses the Chairman from people already serving on the Board of Governors. This choice must be approved by the Senate. The Senate Committee on Banking reviews the person chosen by the President. This process helps make sure the best person gets the job.

What the Fed Chairman Does

The Chairman leads all meetings of the Board. If the Chairman is not there, the Vice Chairman takes over. If both are absent, the Board picks someone else to lead temporarily.

The Chairman and the Board study how the economy is doing in the U.S. and around the world. They also watch over and set rules for the Federal Reserve Banks. They help manage the nation's payment system. Plus, they make sure consumer credit protection laws are followed.

The Chairman also leads the Federal Open Market Committee (FOMC). This committee makes important decisions about U.S. money policy. This policy affects things like interest rates and how much money is in circulation.

The Chairman must report to Congress twice a year. They talk about the Federal Reserve's goals for money policy. The Chairman also speaks to Congress about other money matters. They meet regularly with the Treasury Secretary.

Rules About Conflicts of Interest

There are important rules to prevent conflicts of interest. The Chairman and all other members of the Board cannot work for any bank. They also cannot own stock in any bank. Before starting their job, they must promise under oath that they follow this rule. This helps ensure they make fair decisions for everyone.

Chairman's Salary

The Chairman of the Federal Reserve earns a salary like other top government officials. As of April 2024, the salary is US$246,400 per year.

Past Federal Reserve Chairmen

Here is a list of people who have served as Chairman of the Federal Reserve. Each Chairman serves a four-year term. They can be chosen again for more terms. The Federal Reserve started in 1914.

#	Portrait	Name (birth–death)	Term of office		Tenure length	Appointed by
			Start of term	End of term
-		McAdoo, William GibbsWilliam Gibbs McAdoo (1863–1941)	December 23, 1913	August 10, 1914	230 days	ex officio
1		Hamlin, CharlesCharles Hamlin (1861–1938)	August 10, 1914	August 9, 1916	1 year, 365 days	Woodrow Wilson
2		Harding, WilliamWilliam Harding (1864–1930)	August 10, 1916	August 9, 1922	5 years, 364 days
3		Crissinger, DanielDaniel Crissinger (1860–1942)	May 1, 1923	September 15, 1927	4 years, 137 days	Warren G. Harding
4		Young, RoyRoy Young (1882–1960)	October 4, 1927	August 31, 1930	2 years, 331 days	Calvin Coolidge
5		Meyer, EugeneEugene Meyer (1875–1959)	September 16, 1930	May 10, 1933	2 years, 236 days	Herbert Hoover
6		Black, EugeneEugene Black (1873–1934)	May 19, 1933	August 15, 1934	1 year, 88 days	Franklin D. Roosevelt
7		Eccles, MarrinerMarriner Eccles (1890–1977)	November 15, 1934	January 31, 1948	13 years, 77 days
8		McCabe, ThomasThomas McCabe (1893–1982)	April 15, 1948	March 31, 1951	2 years, 350 days	Harry S. Truman
9		Martin, BillBill Martin (1906–1998)	April 2, 1951	January 31, 1970	18 years, 304 days	Harry S. Truman Dwight D. Eisenhower John F. Kennedy Lyndon B. Johnson
10		Burns, ArthurArthur Burns (1904–1987)	February 1, 1970	January 31, 1978	7 years, 364 days	Richard Nixon
11		Miller, WilliamWilliam Miller (1925–2006)	March 8, 1978	August 6, 1979	1 year, 151 days	Jimmy Carter
12		Volcker, PaulPaul Volcker (1927–2019)	August 6, 1979	August 11, 1987	8 years, 5 days	Jimmy Carter Ronald Reagan
13		Greenspan, AlanAlan Greenspan (born 1926)	August 11, 1987	January 31, 2006	18 years, 173 days	Ronald Reagan George H. W. Bush Bill Clinton George W. Bush
14		Bernanke, BenBen Bernanke (born 1953)	February 1, 2006	January 31, 2014	7 years, 364 days	George W. Bush Barack Obama
15		Yellen, JanetJanet Yellen (born 1946)	February 3, 2014	February 3, 2018	4 years, 0 days	Barack Obama
16		Powell, JayJay Powell (born 1953)	February 5, 2018	Incumbent	7 years, 134 days	Donald Trump Joe Biden

See also

In Spanish: Presidente del Sistema de la Reserva Federal para niños