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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 former title for the chief executive officer of the New York Fed was governor and was renamed to president due to the Banking Act of 1935. [3] Akin to all other reserve bank presidents, the president of the New York Fed is nominated by the Board of Directors of the New York Fed and is approved by the Board of Governors of the Federal Reserve System. [2]
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 ...
This category and its subcategories contain current and former presidents of the Federal Reserve Banks. Subcategories. This category has the following 12 ...
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 following is a list of past and present members of the Board of Governors of the Federal Reserve System. A governor serves for a fourteen-year term after appointment and a member who serves a full term may not be reappointed; when a governor completes an unexpired portion of a term, they may be reappointed.
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
The FOMC is made up of 12 members: the seven board of governors, the president of the regional New York Fed and four other Reserve Bank presidents located throughout the country.