Chair of the Federal Reserve

The Chair of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chair of the Fed", "Fed Chair" or "Fed Chief". The Chair is the "active executive officer" of the Board of Governors of the Federal Reserve System. The currently used gender-neutral title for this position is "Chair."

The current chair is Janet Yellen, the first woman to hold the position. She began her term on February 1, 2014, and previously served as the Vice-Chair from 2010 to 2014.

1935 reorganization

The Board of Governors of the Federal Reserve did not exist prior to the major reorganization of the Fed in 1935 (Banking Act of 1935). Prior to that time, the "Federal Reserve Board" (created in 1913 under the Federal Reserve Act) had a Board of Directors. The directors' salaries were significantly lower (at $12,000 when first appointed in 1914) and their terms of office were much shorter prior to 1935. In effect, the Federal Reserve Board members in Washington, D.C., were significantly less powerful than the presidents of the regional Federal Reserve Banks prior to 1935.