You’ve probably heard it a thousand times: the Chair of the Federal Reserve is the second most powerful person in America. Maybe even the world. Honestly, when Jerome Powell speaks, the entire planet holds its breath. Trillions of dollars shift based on a single "hmmm" or a slightly hawkish lean in a press conference. But if you look at the actual list of Federal Reserve chairs throughout history, you’ll find a story that is way messier, more political, and weirder than the dry "sound money" myth we're sold in textbooks.
The Fed wasn't always this behemoth. In the beginning, it was kinda... a disaster.
The Puppet Years: When the Secretary of the Treasury Ran the Show
Most people think the Fed Chair has always been this independent titan of finance. Nope. Not even close. When Woodrow Wilson signed the Federal Reserve Act in 1913, the person we now call the "Chair" was actually called the "Governor." And here’s the kicker: they weren't even the boss.
The Secretary of the Treasury and the Comptroller of the Currency sat on the board as ex officio members. Basically, the Treasury Secretary was the real alpha in the room.
Charles S. Hamlin (1914–1916)
The first guy on the list was a lawyer from Boston. He didn't have much power. He mostly spent his time navigating the massive egos of the regional bank presidents. He kept these incredibly detailed diaries—now at the Library of Congress—which are the only reason we know how chaotic those early years were. He was followed by William P.G. Harding (1916–1922), who had to navigate World War I. Back then, the Fed’s job was basically to make sure the government could borrow money cheaply to pay for the war. Independence? Forget about it.
Then came the 1920s. Daniel R. Crissinger (1923–1927) and Roy A. Young (1927–1930) oversaw the "Roaring Twenties." Crissinger was a buddy of President Warren G. Harding. He actually had the best stock market returns of any chair in history, but mostly because he happened to be there while the bubble was inflating.
The Great Depression Meltdown
When the music stopped in 1929, the Fed totally blinked. Eugene Meyer (1930–1933) is often blamed for letting the banking system collapse. He was a financier who bought The Washington Post later in life, but at the Fed, he was a disaster. He watched thousands of banks fail and didn't do much because the "prevailing wisdom" of the time was to let the fire burn itself out.
Bad move.
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Marriner Eccles and the Birth of the Modern Fed
If you ever go to Washington D.C., the Fed’s main building is named after Marriner S. Eccles (1934–1948). This guy was a legend. He was a Mormon banker from Utah who basically told FDR, "The system is broken, and we need to fix it."
He pushed through the Banking Act of 1935. This is the moment the "Governor" became the "Chair of the Board of Governors." It kicked the Treasury Secretary off the board. Finally, the Fed had some teeth. Eccles was a huge fan of Keynesian economics before it was cool. He wanted the government to spend money during depressions and save during booms.
After Eccles, we had Thomas B. McCabe (1948–1951), who was basically a seat-warmer. He resigned because he got tired of fighting with President Truman.
The King of the Fed: William McChesney Martin Jr.
Then came the man who served longer than anyone: William McChesney Martin Jr. (1951–1970). Nineteen years. Five presidents. He’s the one who famously said the Fed’s job is "to take away the punch bowl just as the party gets going."
Martin was a "Happy Puritan." He was the first one to really assert that the Fed shouldn't just do whatever the President says. He fought with LBJ over interest rates during the Vietnam War. LBJ actually summoned him to his ranch in Texas and reportedly shoved him against a wall, demanding lower rates. Martin didn't budge. That's the kind of backbone that defines the "myth" of the Fed today, though it’s been rare in practice.
The Great Inflation and the Backbone of Paul Volcker
The 1970s were a total mess for the list of Federal Reserve chairs.
Arthur Burns (1970–1978) was a brilliant economist who was, unfortunately, a total pushover for Richard Nixon. Nixon wanted low rates to help his re-election, and Burns gave them to him. The result? Sky-high inflation that ruined the decade.
G. William Miller (1978–1979) was even worse. He was a businessman who didn't really understand monetary policy. He lasted 17 months. Inflation was hitting 13% and the dollar was tanking.
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Paul Volcker (1979–1987)
Then came "Tall Paul." He was 6'7", smoked cheap cigars, and didn't care if you hated him. He decided the only way to kill inflation was to jack interest rates up to 20%.
Twenty percent. Think about your mortgage or car loan today. Imagine it being 20%. Farmers were literally driving their tractors to D.C. to block the Fed building. People sent him "Wanted" posters with his face on them. But he didn't stop. He broke the back of inflation, saved the dollar, and set the stage for the massive growth of the 90s. He is the gold standard for what a Fed Chair should be: someone willing to be the most hated person in the country to do what’s right for the long-term economy.
The Age of the Rock Star: Greenspan, Bernanke, and Yellen
By the time Alan Greenspan (1987–2006) took over, the Fed Chair was a celebrity. People called him "The Maestro." He would carry a briefcase, and traders would try to guess interest rate moves based on how thick it looked.
He was a devotee of Ayn Rand and believed markets were self-correcting. For 18 years, it worked—until it didn't. The 2008 housing crash happened on his watch (or immediately after he left), and his reputation took a massive hit. He later admitted to Congress that there was a "flaw" in his free-market ideology.
Ben Bernanke (2006–2014)
Bernanke was a Great Depression scholar. Talk about the right man at the wrong time. He had to deal with the 2008 global meltdown. He did things no one had ever done before, like "Quantitative Easing" (basically printing money to buy bonds). Critics called him "Helicopter Ben," but most economists agree he saved the world from a second Great Depression.
Janet Yellen (2014–2018)
The first woman on the list of Federal Reserve chairs. She was incredibly data-driven. She focused heavily on the labor market and "underemployment." She only served one term because Donald Trump decided to replace her, which was a break from a long-standing tradition of reappointing the predecessor’s chair to show the Fed is "above politics."
Jerome Powell and the 2026 Reality
Jerome "Jay" Powell (2018–Present) is an interesting case. He’s not a Ph.D. economist like the others; he’s a lawyer and private equity guy. He was a "safe" pick. But then COVID-19 hit, and he had to go even further than Bernanke. He threw trillions of dollars at the economy to keep it from seizing up.
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Lately, he’s been the one fighting the "Post-COVID Inflation." He’s had to raise rates faster than almost anyone in history. It’s a thankless job. You’re either the guy who causes a recession or the guy who lets inflation eat everyone’s savings.
As we sit here in 2026, the conversation around Powell has shifted toward his independence. With political pressures mounting from every side, the question is whether he’ll go the way of Arthur Burns (the pushover) or Paul Volcker (the rock).
The Full List of Federal Reserve Chairs
- Charles S. Hamlin (1914–1916) – The Harvard lawyer who kept the diaries.
- William P.G. Harding (1916–1922) – The WWI era "Governor."
- Daniel R. Crissinger (1923–1927) – The bull market lucky guy.
- Roy A. Young (1927–1930) – The guy who saw the crash coming but couldn't stop it.
- Eugene Meyer (1930–1933) – The man who let the banks fail.
- Eugene R. Black (1933–1934) – Served a tiny term during the New Deal.
- Marriner S. Eccles (1934–1948) – The architect of the modern, independent Fed.
- Thomas B. McCabe (1948–1951) – The guy who got tired of Truman.
- William McChesney Martin Jr. (1951–1970) – The punch-bowl thief.
- Arthur F. Burns (1970–1978) – The man who accidentally started the Great Inflation.
- G. William Miller (1978–1979) – The businessman who was out of his depth.
- Paul A. Volcker (1979–1987) – The dragon slayer who killed inflation.
- Alan Greenspan (1987–2006) – The Maestro who stayed too long.
- Ben Bernanke (2006–2014) – The scholar who fought the Great Recession.
- Janet Yellen (2014–2018) – The first woman and labor market expert.
- Jerome Powell (2018–Present) – The current chair navigating the post-pandemic world.
Why This List Actually Matters for Your Wallet
Knowing these names isn't just for history buffs. Every chair has a "vibe" or an "ideology" that dictates how expensive your life is going to be.
If the chair is a "Dove" (like Yellen or early Greenspan), they want low rates to help employment. This is great for your mortgage but can lead to inflation. If they are a "Hawk" (like Volcker), they want high rates to keep prices stable. This is great for your savings account but makes it harder to buy a house.
Honestly, the biggest takeaway from looking at this list is that Fed Chairs are just people. They make mistakes. They get bullied by Presidents. They read the data wrong. Understanding the history of the list of Federal Reserve chairs helps you realize that the economy isn't some perfectly tuned machine—it's a ship being steered by one person who is usually just trying their best not to hit an iceberg.
To stay ahead of the next big shift, you should keep an eye on two things: the "Summary of Economic Projections" (the "dot plot") released by the Fed every few months, and the term expiration dates for the current board. When a new name enters this list, the entire direction of the American economy can change overnight.
Start by looking up the current "Fed Funds Rate" to see where we are in the cycle right now compared to the Volcker or Greenspan eras. It'll tell you more about the future of your money than any stock tip will.