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The Federal Reserve began cutting the federal funds rate by 0.25% after its December 11, 2007 meeting, disappointing many investors who had expected a bigger cut; the Dow Jones Industrial Average dropped nearly 300 points that day. The Fed slashed the rate by 0.75% in an emergency action on January 22, 2008, to assist in reversing a significant ...
The length of a full four-year term of office for a vice president of the United States usually amounts to 1,461 days (three common years of 365 days plus one leap year of 366 days). The listed number of days is calculated as the difference between dates, which counts the number of calendar days except the first day (day zero). If the first day ...
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 is one of three key pillars making up the broader Federal Reserve System, along with the 12 regional reserve bank presidents and the Federal Open Market Committee (FOMC).
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of Governors of the Federal Reserve System .
Two vice presidents—George Clinton and John C. Calhoun—served under more than one president. The incumbent vice president is JD Vance, who assumed office as the 50th vice president on January 20, 2025. [3] [4] There have been 50 U.S. vice presidents since the office was created in 1789. Originally, the vice president was the person who ...
The Federal Reserve System, also known as the Federal Reserve or simply as the Fed, is the central banking system of the United States today. The Federal Reserve's power developed slowly in part due to an understanding at its creation that it was to function primarily as a reserve, a money-creator of last resort to prevent the downward spiral ...
[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