As stipulated by the Banking Act of 1935, the President appoints the seven members of the Board of Governors of the Federal Reserve System; they must then be confirmed by the Senate and serve for 14 years. Once appointed, Governors may not be removed from office for their policy opinions. The chairman and vice-chairman are chosen by the President from among the sitting Governors for four-year terms; these appointments are also subject to Senate confirmation. By law, the chairman reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He also testifies before Congress on numerous other issues and meets periodically with the Secretary of the Treasury.

The current chairman is Ben Bernanke, an academic nominated by George W. Bush and sworn into office on February 1, 2006, for a term lasting until January 31, 2010. He was nominated for a second term by President Barack Obama in 2009, and was confirmed by the Senate in 2010. Bernanke's second term ends on January 31, 2014. Bernanke succeeded Alan Greenspan, who served for more than 18 years during the terms of four U.S. Presidents.