Who is federal reserve chairman

He is liked by both Senate Republicans and some Democrats, and his potential renomination would likely clear the Senate by a healthy margin.

More recently, Powell has had to wrangle the economy from the depths of the Covid pandemic, including the loss of more than 20 million jobs. The Fed is also working to manage inflation, the result of supply-chain disruptions, labor shortages and overseas manufacturing delays. The current Fed chief has also recently come under criticism following disclosures that he and regional presidents have been buying and selling securities tied to the stock and bond markets.

Elizabeth Warren, D-Mass. Prior to that, she served as a member of the Board from August 12, , until she resigned on February 17, , and served as Vice Chair from October 4, , to February 3, Prior to that, he was a member of the Board, starting on May 25, Federal Reserve Chair. Zoom: 5y 10y 25y ALL. August 10, - August 9, Charles S. Hamlin Statements and Speeches of Charles S.

Hamlin Charles S. Hamlin Papers Diaries of Charles S. August 10, - August 9, W. Harding Statements and Speeches of W. May 1, - September 15, Daniel R. Crissinger Statements and Speeches of Daniel R. October 4, - August 31, Roy A. A governor who has served a full year term may not be reappointed, but someone who was appointed to complete an unexpired term may be reappointed to a full year term.

Once appointed, governors cannot be removed from office for their policy views. The length of the terms and the staggered appointments process are intended to contribute to the insulation of the Board—and the Federal Reserve System—from day-to-day political pressures to which it might otherwise be subject. If all governors serve full terms, a U. In reality, however, many governors leave before completing their year terms, and recent presidents have made more than one appointment to the Board every two years.

As stipulated in the Banking Act of , one of the seven governors is appointed by the U. This selection must be confirmed by the Senate. The chairman serves as public spokesperson and representative for the Board, manager of the Board's staff, and chairman at Board meetings.

Ben S. Bernanke was sworn in on February 1, , as chairman and a member of the Board of Governors of the Federal Reserve System. History The Board did not always enjoy the political independence that it has today.

The first Federal Reserve Board, created by Congress in , consisted of five members. The secretary of the Treasury and the comptroller of the currency had automatic memberships, and the president was responsible for appointing the remaining three members, subject to the approval of the Senate.

Two of the five members were designated governor and vice governor, the chief administrative officers of the Board. The role of chairman at Board meetings was assigned to the secretary of the Treasury. One of the Board's earliest conflicts concerned the strong representation of the Treasury Department on the Board.