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.
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.