Chairman of the Federal Reserve: Meaning (information, definition, explanation, facts)

The Chairman of the Board of Governors of the United States Federal Reserve is the leader of the central bank of the United States and one of the most important players in American economic policies. The Federal Reserve is an independent agency of the United States Government.

The chairman is appointed for a four-year term by the President of the United States (subject to Senate confirmation) from among the sitting board members. The chairman reports twice a year to Congress on the Federal Reserve's monetary policy objectives, testifies before Congress on numerous other issues, and meets periodically with the Secretary of the Treasury.

The current chairman is Alan Greenspan, who was appointed by Ronald Reagan on August 11, 1987. Greenspan was re-appointed once by George H. W. Bush, twice by Bill Clinton, and most recently by George W. Bush in 2004. His current term ends in June 2008, although his separate 14-year term as a board member expires January 31, 2006.

Chairmen of the Federal Reserve

1. Charles S. Hamlin (August 10, 1914 – August 9, 1916)
2. W. P. G. Harding (August 10, 1916 – August 9, 1922)
3. Daniel R. Crissinger (May 1, 1923 – September 15, 1927)
4. Roy A. Young (October 4, 1927 – August 31, 1930)
5. Eugene Meyer (September 16, 1930 – May 10, 1933)
6. Eugene R. Black (May 19, 1933 – August 15, 1934)
7. Marriner S. Eccles¹ (November 15, 1934 – January 31, 1948)
8. Thomas B. McCabe (April 15, 1948 – March 31, 1951)
9. Wm. McC. Martin, Jr. (April 2, 1951 – January 31, 1970)
10. Arthur F. Burns (February 1, 1970 – January 31, 1978)
11. G. William Miller (March 8, 1978 – August 6, 1979)
12. Paul A. Volcker (August 6, 1979 – August 11, 1987)
13. Alan Greenspan² (August 11, 1987 – present)

¹ Served as Chairman Pro Tempore from February 3, 1948, to April 15, 1948.
² Served as Chairman Pro Tempore from March 3, 1996, to June 20, 1996.