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.[2]

Chair of the Board of Governors of the Federal Reserve System
Seal of the Board of Governors
Incumbent
Jerome Powell

since February 5, 2018
United States Federal Reserve System
StyleMr. Chairman
Member ofBoard of Governors
Open Market Committee
Reports toUnited States Congress
SeatEccles Building
Washington, D.C.
AppointerPresident
with Senate advice and consent
Term lengthFour years, renewable (as Chair)
14 years, non-renewable (as Governor)
Constituting instrumentFederal Reserve Act
FormationAugust 10, 1914; 107 years ago (1914-08-10)
First holderCharles Sumner Hamlin
SalaryExecutive Schedule, Level I[1]
Websitewww.federalreserve.gov

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.[3]

The current chair is Jerome Powell, who was sworn in on February 5, 2018.[4][5][6][7] He was nominated to the position by President Donald Trump on November 2, 2017 and later confirmed by the Senate.[8]