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On November 2, 2017, President Donald Trump nominated Powell to serve as the chair of the Federal Reserve, replacing Janet Yellen at the helm of the central bank. [40] On December 5, the Senate Banking Committee approved Powell's nomination to be chair in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote. [41]
Federal Reserve Chairs (left to right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.Photo taken 1 May 2014, when Yellen was Chair. As stipulated by the Banking Act of 1935, the Chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate.
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States .
For the Federal Reserve, that’s where the board of governors comes in. ... As for the current officials on the Fed’s board, Powell was initially elevated to Fed chair by President Donald Trump ...
However, according to the website for the Board of Governors for the Federal Reserve system, the Fed Chair salary in 2019 was set at $203,500, while other board members earned $183,100 that year.
Janet Louise Yellen (born August 13, 1946) is an American economist, currently serving as the 78th United States secretary of the treasury since January 26, 2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018.
Federal Reserve Chair Jerome Powell said the central bank's independence benefits the nation's economy. (Anna Moneymaker/Getty Images) For over 70 years, the US central bank has operated as an ...
[1]. Left to Right: William J. McDonough (1993–2003), William C. Dudley (2009–2018), Paul Volcker (1975–1979), E. Gerald Corrigan (1985–1993), Timothy Geithner (2003–2008) The ninth president of the New York Fed, Timothy Geithner, who subsequently served as Secretary of the Treasury Paul Volcker, the fifth president of the New York Fed and later Chairman of the Federal Reserve