Ben S. Bernanke was sworn in on February 1, 2006, as Chairman of the Board of Governors of the Federal Reserve System. Chairman Bernanke replaces Alan Greenspan, whose term as Federal Reserve Chairman ended on January 31, 2006, after more than 18 years in the post. Chairman Bernanke also serves as Chairman of the Federal Open Market Committee (FOMC), the Federal Reserve System’s principal monetary policymaking body.
The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. The Chairman and Vice Chairman of the Board are nominated by the President from among the members of the Board of Governors and confirmed by the Senate. Chairman Bernanke’s 14-year term as a Governor of the Federal Reserve System expires January 31, 2020, and his four-year term as Chairman expires January 31, 2010.
Before his appointment as Chairman of the Federal Reserve System, Bernanke was chairman of the President’s Council of Economic Advisers, from June 2005 to January 2006. He served as a Governor of the Federal Reserve System from 2002 to 2005 and was a visiting scholar at the Federal Reserve Bank of Philadelphia from 1987 to 1989. From 1985 to 2002, Bernanke was an economics professor at Princeton University.
Bernanke has published many articles on a wide variety of economic issues, including monetary policy and macroeconomics, and he is the author of several scholarly books and two textbooks. He served as the director of the monetary economics program at the National Bureau of Economic Research (NBER) and as a member of the NBER’s Business Cycle Dating Committee. Bernanke’s work with civic and professional groups included two terms as a member of the Montgomery Township (NJ) Board of Education.