What is chairman of the federal reserve system?
The Chairman of the Federal Reserve is the head of the Federal Reserve of the United States, the Central Bank of the Nation. The official title is the Chairman of the Board of Directors of the Federal Reserve Governors, but the Chairman of the Federal Reserve, the Chairman of the Fed and the Fed Chief, is used as shortcut titles. The Chairman of the Federal Reserve is appointed President of the United States and is confirmed by the Senate of the United States. The chairman of the Chairman of the Federal Reserve is four years, but in practice most chairmen will last many conditions, up to a maximum of 14 years, plus any further years in the event that those who fill the period of another. In 1816, the second Bank of the United States was established to replace the then extinct first bank. Many people in these early days opposed the idea of a central bank, and when President Andrew Jackson was on the re -election, promised that the non -renewed Charter of the Bank, the promise he would leave in 1836. Until 1862And no central bank and until 1913 there were only occasional central banks.
At the beginning of the 20th century, there were a number of banking crises that culminated in the panic of 1907. This panic largely led to the creation of the Federal Reserve within the Federal Reserve Act. The Federal Reserve had the board of directors and this council had the chairmen. His role was somewhat different at the time, because the Board had significantly less power than the current federal reserve line and even less than twelve regional federal reserve banks.
Head of each of these banks of the federal reserve was called a governor and performed considerable power over the national banking system. With the Banking Act of 1935, the IR title was changed to the president and their power was significantly reduced. At the same time, members of the Board of Directors were the Federal Reserve System with Returial Governors and Modern ChairmanFederal reserves were created as their leader. Marriner S. Eccles was the first chairman of the federal reserve system and held a place until 1948, when his 14 -year limit was reached.
between 1934 and 2009 were only eight chairmen of the federal reserve system and each of them dominated considerable power and greatly formed the economic landscape of the United States. For many people, Alan Greenspan, the most famous chairman of the federal reserve, has served under four presidents from 1987 to 2006. He received how much praise, especially for his manipulation from Černá Monday of 1987 and a time of boom based on technology in the 90's, so criticism, especially what some consider to be the revaluation of the borders of the President of the Federal Reserve.
Finally, the role of the chairman of the Federal Reserve Systemzastvte Bank Panic to appear and maintain the economy healthy. The federal reserve system is able to maintain an elastic currency by expanding money invention to act as believingTel The latest options, if the credit markets freeze, act as a central bank for other banks and for the government and manage federal funds for lending between banks. The Chairman of the Federal Reserve also helps to oversee twelve federal reserve banks and is accused of preparing the report to the speaker of the house that outline the Bank's Plan for the Economy.