Money makes the world go 'round, but honestly, the person holding the steering wheel matters way more than the engine itself. We're talking about the Chair of the Board of Governors of the Federal Reserve System. It's a mouthful. Most people just say "Fed Chair."
You’ve probably seen Jerome Powell on the news lately, looking stern behind a podium. But the list of Federal Reserve chairman stretches back over a century, filled with academic types, cigar-chomping legends, and at least one person who basically saved the global economy from a total meltdown.
It hasn't always been this way. Back in 1913, when Woodrow Wilson signed the Federal Reserve Act, the "Chairman" wasn't even the most powerful person in the room. The Secretary of the Treasury actually sat on the board. Imagine that: a politician directly overseeing the money supply. Yikes.
The Early Days: Before the Fed Had Teeth
In the beginning, from 1914 to about 1935, the leader wasn't even called the "Chair." They were the "Governor."
Charles S. Hamlin (1914–1916) was the first. He was a lawyer. He didn't have much power because the regional banks—like the one in New York—did their own thing. Then came William P.G. Harding (1916–1922), who had to navigate the chaos of World War I.
Things got messy in the late 1920s. Daniel R. Crissinger and Roy A. Young presided over the lead-up to the Great Depression. Many historians, like Milton Friedman, argued the Fed basically slept through the 1929 crash. They didn't pump money into the system when the banks were failing. They did the opposite. They tightened up.
Eugene Meyer (1930–1933) and Eugene R. Black (1933–1934) tried to pick up the pieces, but the system was broken.
The Architect of the Modern Fed
If you want to know when the Fed became the "Fed," look at Marriner S. Eccles (1934–1948). He was a Mormon banker from Utah and a huge believer in Keynesian economics. Basically, he thought the government should spend money to jumpstart the economy.
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Eccles pushed for the Banking Act of 1935. This was huge. It shifted power away from the regional banks and put it squarely in the hands of the Board in D.C. He’s so important they literally named the Fed’s headquarters after him.
After Eccles, we had Thomas B. McCabe (1948–1951). He’s a bit of a footnote, mostly because he clashed with President Truman.
The List of Federal Reserve Chairman (1951–Present)
This is where the names start to sound familiar. These are the people who shaped the dollar in your pocket right now.
1. William McChesney Martin Jr. (1951–1970)
The GOAT of longevity. He served under five presidents. Martin is famous for saying the Fed’s job is "to take away the punch bowl just as the party gets going." He was all about independence. He didn't want the White House telling him to keep interest rates low just to make voters happy.
2. Arthur F. Burns (1970–1978)
Kind of the "what not to do" example. Burns was close with Richard Nixon. Many economists blame him for the "Great Inflation" of the 1970s. He kept rates too low for too long, trying to keep unemployment down, and prices spiraled out of control. It was a disaster.
3. G. William Miller (1978–1979)
He was only there for a year. He was a businessman, not an economist, and the markets didn't trust him. Inflation kept climbing. He was quickly moved to the Treasury Department to make room for a "heavy hitter."
4. Paul Volcker (1979–1987)
The man was 6'7" and smoked cheap cigars. He was a giant in every sense. Volcker did the unthinkable: he jacked up interest rates to nearly 20% to kill inflation. It caused a massive recession. People were furious. Farmers drove tractors onto the Fed’s lawn. But it worked. He broke the back of inflation and set the stage for the 1990s boom.
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5. Alan Greenspan (1987–2006)
They called him "The Maestro." For nearly two decades, Greenspan was seen as an economic god. He navigated the 1987 crash, the 9/11 aftermath, and the dot-com bubble. But his "easy money" policies and hands-off approach to regulation are now blamed by many for the 2008 housing crisis. His legacy is... complicated.
6. Ben Bernanke (2006–2014)
An academic who studied the Great Depression. Good thing, too, because he ran into Great Depression 2.0. Bernanke pioneered "Quantitative Easing" (printing money to buy bonds). He basically invented new ways for the Fed to save the banking system from total collapse.
7. Janet Yellen (2014–2018)
The first woman to hold the job. She focused heavily on the labor market. Yellen was "dovish," meaning she liked keeping rates low to help people find jobs. She’s now the Secretary of the Treasury, making her one of the most influential economic figures in history.
8. Jerome Powell (2018–Present)
A former private equity guy. He wasn't an academic economist, which made some people nervous. Then COVID-19 hit. Powell moved faster than almost any Chair in history, slashing rates to zero and pumping trillions into the economy. Now, he's spent the last few years trying to put the toothpaste back in the tube by hiking rates to fight the post-pandemic inflation surge.
Why This List Matters To Your Wallet
You might think, "Who cares about a bunch of old people in suits?" But the list of Federal Reserve chairman represents the most powerful economic lever on Earth.
When the Chair speaks, the stock market moves. When they decide to raise the "Fed Funds Rate," your credit card interest goes up. Your mortgage gets more expensive. Your savings account might finally earn a little bit of interest.
What Most People Get Wrong
The biggest misconception? That the Fed Chair works for the President. They don't. They are appointed by the President, sure, but they can't be fired just because the President dislikes their policy. That independence is why the U.S. dollar is the global reserve currency. If the President could just print money whenever they wanted a higher approval rating, the dollar would be worthless in a week.
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Also, the Chair doesn't actually "set" interest rates alone. They lead the FOMC (Federal Open Market Committee), which is a group of 12 people who vote on what to do. The Chair is just the loudest voice in the room.
Real Talk: The Evolving Role
In the 1950s, the Fed was basically a secret society. Now, they have press conferences. Jerome Powell has to explain himself to the public. This transparency is a huge shift.
The Fed is also moving into new territory, like looking at how climate change or income inequality affects the economy. Some people love this; others think the Fed should stay in its lane and just focus on "stable prices and maximum employment"—the famous dual mandate.
Actionable Insights for You
If you're following the list of Federal Reserve chairman to manage your own money, here’s how to use that knowledge:
- Watch the "Dot Plot": Every few months, the Fed releases a chart showing where the members think rates are going. It’s the closest thing we have to a crystal ball.
- Don't Fight the Fed: This is an old Wall Street saying. If the Fed is raising rates, the market is going to be bumpy. Don't try to time it; just understand the environment.
- Inflation is the Enemy: Almost every "failed" Chair on this list failed because they let inflation get away from them. If you see the Fed getting aggressive, it's because they're terrified of becoming the next Arthur Burns.
The history of the Fed is really just a history of the American dollar. From the gold standard to the digital age, these individuals have had the impossible task of keeping the global economy on the rails. Some were better at it than others.
To keep your finances secure, track the Federal Open Market Committee (FOMC) meeting dates. These happen eight times a year and are the primary moments when the current Chair announces shifts in monetary policy that will impact your loans, investments, and purchasing power.