Chair of the Federal Reserve
The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, which is the central banking system of the United States. The chair is the "active executive officer" and shall preside at meetings of the Board of Governors of the Federal Reserve System.
|Chair of the Board of Governors of the Federal Reserve System|
|United States Federal Reserve System|
|Member of||Board of Governors|
Open Market Committee
|Reports to||United States Congress|
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|
|Salary||Executive Schedule, Level I|
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 member of the Board of Governors. The chair may serve multiple terms (consecutively or non-consecutively), 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 chairs cannot be dismissed by the president before the end of their term.