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What does the chairman of the Board of Governors do?

What does the chairman of the Board of Governors do?

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, 2006, as chairman and a member of the Board of Governors of the Federal Reserve System.

What is the Federal Reserve Board of Governors responsible for?

Responsibilities. The Federal Reserve Board analyzes domestic and international economic developments, supervises and regulates the operations of the Federal Reserve Banks, has responsibility for America’s payments system, and oversees and administers most consumer credit protection laws.

What is the term for a Board of Governors member?

The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed.

Who is the chair of the Federal Reserve?

Jerome H. Powell took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term.

What does the Board of Governors of the Federal Reserve do?

Board of Governors of the Federal Reserve System. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

How long does a Federal Reserve Board member serve?

If a Board member leaves the Board before his or her term expires, however, the person nominated and confirmed to serve the remainder of the term may later be appointed to a full 14-year term. The Chair and Vice Chair of the Board are also appointed by the President and confirmed by the Senate, but serve only four-year terms.

Who is the chair of the Board of Governors?

The chair is nominated by the president of the United States from among the members of the Board of Governors, and serves a term of four years after being confirmed by the United States Senate. A chair may serve multiple consecutive terms, pending a new nomination and confirmation at the end of each.