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Factbox: Past Federal Reserve chiefs and who appointed them

(Reuters) - Following are the Federal Reserve’s chiefs since its current leadership structure was adopted in 1936:

FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo

Marriner Eccles, 1936-1948

Eccles, the first head of the U.S. central bank under its current structure, was appointed by Franklin Roosevelt and later reappointed by the Democratic president. He resigned from the position in 1948 but remained a member of the Fed’s Board of Governors - the only modern Fed chief to do so - until 1951.

Thomas McCabe, 1948-1951

McCabe was appointed by Democrat Harry Truman. He resigned as Fed chief in 1951.

William McChesney Martin Jr., 1951-1970

Martin, the longest-serving Fed chief, was first appointed by Truman. He was reappointed four times by three subsequent presidents, twice by Republican Dwight Eisenhower and once each by Democrats John Kennedy and Lyndon Johnson. Ineligible for a sixth term, he resigned in 1970.

Arthur Burns, 1970-1978

Burns was the first head of the modern Fed not to leave by his own choice. He was first appointed by Republican Richard Nixon, who reappointed him once. Democrat Jimmy Carter chose not to reappoint him, becoming the first president not to reappoint a Fed chief he inherited from his predecessor.

G. William Miller, 1978-1979

Miller, appointed by Carter, served only 17 months as head of the Fed before leaving to become Carter’s Treasury secretary. He had the shortest tenure of any modern Fed chief.

Paul Volcker, 1979-1987

Volcker, famous as the Fed chair who triumphed over the rampant inflation that was deeply entrenched in the U.S. economy during the 1970s and early 1980s, was appointed by Carter. He was reappointed once by Republican Ronald Reagan, but he did not seek a third term, resigning in 1987.

Alan Greenspan, 1987-2006

Greenspan served under four presidents and was first appointed by Reagan. He was reappointed once by Republican George H.W. Bush, twice by Democrat Bill Clinton and to his final term by Republican George W. Bush. Ineligible for a sixth term, he left the Fed in January 2006.

Ben Bernanke, 2006-2014

Bernanke, who crafted the Fed’s response to the 2007-2009 recession and financial crisis and established a game plan still largely in use today, was appointed by George W. Bush and reappointed once by Democrat Barack Obama. He declined to seek a third term and left the Fed in January 2014.

Janet Yellen, 2014-2018

Yellen, now U.S. Treasury secretary, was appointed by Obama. She became the first Fed chief since Burns not to be reappointed by a successor presidential administration when Republican Donald Trump opted to replace her.

Jerome Powell, 2018-present

Trump appointed Powell and almost immediately came to regret it. Powell initially continued the interest rate increases that had begun under Yellen, prompting Trump to call him an “enemy” and a “bonehead.” In the year since the coronavirus pandemic began, Powell has acted aggressively to shield the economy from the effects of the outbreak and has retooled how the Fed approaches its policy mission. It will be up to Democrat Joe Biden whether to reappoint him.

Reporting by Dan Burns; Editing by Paul Simao

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