Charles S. Hamlin took office as the first leader of the Federal Reserve Board, then titled the Board’s “governor” (later called the chair). His appointment helped establish the Fed’s top leadership role during the System’s first years after the Federal Reserve Act created the central bank framework.
William P. G. Harding succeeded Hamlin as leader of the Federal Reserve Board. His tenure covered World War I and the early postwar period, when the Fed was still developing its tools and its role in the U.S. financial system.
Daniel R. Crissinger became chair after serving as Comptroller of the Currency. His chairmanship reflected the close ties between banking supervision and central banking during the 1920s.
Roy A. Young took over as chair late in the 1920s. His term ended just as the Great Depression deepened, a period that brought intense scrutiny to U.S. banking and monetary policy.
Eugene I. Meyer led the Federal Reserve Board as the Depression worsened and bank failures spread. The crisis environment helped set the stage for major reforms to U.S. banking and the Federal Reserve in the early 1930s.
Eugene R. Black was appointed to lead the Board in 1933 during the Great Depression. His term overlapped with emergency measures aimed at restoring confidence in the banking system and expanding the Fed’s crisis-response role.
Marriner S. Eccles began leading the Fed Board in 1934 and remained chair through 1948. His era included the Banking Act of 1935, which strengthened the Board’s authority and modernized the Fed’s leadership structure (including the title “chairman”).
Thomas B. McCabe served as chair from 1948 to 1951 during a dispute between the Fed and the Treasury over interest-rate policy and government debt finance. The conflict culminated in the 1951 Treasury–Fed Accord, a key turning point for modern Fed independence.
William McChesney Martin Jr. became chair in 1951 and served until 1970, the longest tenure in the role. His chairmanship helped shape postwar monetary policy and reinforced the idea that the Fed should act to limit inflation even when that is politically difficult.
Arthur F. Burns became chair in 1970 as inflation pressures increased in the U.S. economy. His term overlapped with the broader “Great Inflation” period, when maintaining price stability became a central public focus for the Fed.
G. William Miller served as chair from 1978 to 1979. His short tenure ended as inflation and policy credibility concerns continued, leading to a major leadership transition.
Paul A. Volcker became chair in 1979 and served until 1987. His tenure is closely associated with tightening monetary policy to bring inflation down, an episode that reshaped expectations about the Fed’s willingness to act against inflation.
Alan Greenspan became chair in 1987 and served through early 2006, making him the second-longest serving chair. His tenure spanned multiple economic expansions and shocks, and it marked a period when the chair’s public role and communication became increasingly influential.
Ben S. Bernanke took office in 2006 and led the Fed through the 2007–2009 financial crisis and its aftermath. This period expanded the Fed’s use of emergency lending and large-scale asset purchases, increasing attention to the chair’s crisis-management responsibilities.
Janet L. Yellen began her term in 2014, becoming the first woman to lead the Federal Reserve. Her chairmanship continued the post-crisis recovery period and included ongoing efforts to normalize policy after years of very low interest rates.
Jerome H. Powell was sworn in as chair in 2018 after Senate confirmation. His appointment continued the modern pattern in which the chair serves a four-year term but may be renominated and reconfirmed for additional terms.
Powell took the oath of office for a second term as chair on May 23, 2022, after being renominated by President Biden and confirmed by the Senate. The Federal Reserve stated that this chair term ends on May 15, 2026, setting a clear upcoming transition point.
On January 30, 2026, President Donald Trump announced his nomination of former Fed governor Kevin Warsh to be the next chair. The nomination reflects how the Fed chair role sits at the intersection of economic policy and politics, because the choice requires Senate confirmation and can influence perceptions of central bank independence.
The Federal Reserve’s official announcement of Powell’s second-term oath states that his chair term ends on May 15, 2026. This scheduled end date is the current timeline endpoint, marking an imminent leadership change depending on Senate confirmation of a successor and any interim arrangements.
Appointments and tenures of Federal Reserve Chairs (1914–present)