<P> The chair is chosen by the President of the United States from among the members of the Board of Governors; and serves for four - year - terms after appointment . A chair may be appointed for several consecutive terms . William Martin was the longest serving chair, holding the position from 1951 to 1970 . </P> <P> The current Chairman is Jerome Powell, who was sworn in on February 5, 2018 . He was nominated to the position by President Donald Trump on November 2, 2017, and was later confirmed by the United States Senate . </P> <P> Section 203 of the Banking Act of 1935 changed the name of the "Federal Reserve Board" to the "Board of Governors of the Federal Reserve System ." 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 . </P> <P> In the 1935 Act, the district heads had their titles changed to "President" (e.g., "President of the Federal Reserve Bank of St. Louis"). </P>

Who can fire the chairman of the federal reserve