The chairman may serve multiple terms, subject to re-nomination and confirmation each time; William McChesney Martin (1951–1970) was the longest serving chair, with Alan Greenspan (1987–2006) a close second. It cannot be dismissed by the president before the end of their term.

Fed chairman Jerome Powell testifies amid ongoing Trump attacks over interest rates. The U.S. central bank chair has said the threat of inflation and the uncertainty Trump has generated through his policies make it difficult for the Fed to make any moves. President Donald Trump wants interest rate cuts.

Powell has reiterated the Fed wants to wait to make a rate cut until the future of the economy becomes clearer. “Rates are going to depend on the path of the economy, and that's highly uncertain,” Powell said. Economic uncertainty rose across the board in the wake of Trump's tariff policy, which upended global markets.