Ben Bernanke, chairman Now approaching his second anniversary as Fed chairman, Bernanke, 54, is confronted by his biggest challenge: housing and credit debacles that threaten to push the economy into its first recession since 2001. How well Bernanke - a scholar of the Great Depression - handles these crises will shape his effectiveness, his credibility, and his legacy at the central bank.
Timothy Geithner, president of the Federal Reserve Bank of New York Geithner, 46, brings a keen understanding of international economics and an appreciation of other cultures. Geithner attended junior high in India and high school in Thailand. He has lived in East Africa, China, and Japan. One of his most important jobs as head of the New York bank is to act as a crisis manager. He's been on the front lines of the Fed's efforts to curb a global credit crisis that has rocked Wall Street since the late summer.
Donald Kohn, vice chairman of the Federal Reserve Board of Governors With more than three decades of Fed experience under his belt, Kohn, 65, enjoys a close working relationship with the board's economists and researchers. He is viewed as an important intellectual voice on the Fed and was a confidant and sounding board for former chairman Alan Greenspan.
Kevin Warsh, Federal Reserve Board member Warsh, 37, is the youngest governor in Fed history. He brings to the table Wall Street experience, which is considered a valuable contribution when setting rate policy. Warsh worked for Morgan Stanley & Co. in mergers and acquisitions and eventually became a vice president there. He took a job in the Bush White House in 2002, advising the president on economic matters, especially those related to financial markets, securities, banking, and insurance.
Randall Kroszner, Federal Reserve Board member The 45-year-old former economics professor taught money and banking at the University of Chicago, his professional home before becoming a Fed governor. As a member of President Bush's Council of Economic Advisers, he played a key role in helping the administration shape policy to respond to the wave of corporate accounting scandals that rocked Wall Street. Kroszner's areas of research include corporate governance, conflicts of interest at financial firms, and international financial crises.
Frederic Mishkin, Federal Reserve Board member Mishkin, 57, brings sterling academic credentials to the Fed job. He's authored more than 15 books, and his academic research has focused on how monetary policy affects financial markets and the economy at large. He has taught at the University of Chicago, Northwestern University, Princeton University, and Columbia University.
Charles Plosser, president, Federal Reserve Bank of Philadelphia Named head of the regional Fed bank in August 2006, Plosser can call upon both his academic and business experiences to help get a read on the economy's vital signs. He was an economics professor at the University of Rochester. Plosser, 59, also has been a consultant to corporations including Chase Manhattan Bank and Eastman Kodak Co., providing clients with advice on strategic planning, forecasting, portfolio and pension fund management, capital budgeting, and other matters.
Richard Fisher, president, Federal Reserve Bank of Dallas Fisher, 58, has worked in banking, ran his own investment firm, and has experience as a Washington policy maker - serving at the Treasury Department during the Carter administration and as a trade official during the Clinton administration. He took over the Dallas Fed in April 2005.
Gary Stern, president, Federal Reserve Bank of Minneapolis Stern, 63, is one of the longest-serving presidents in the Federal Reserve system. He is the only member of the Federal Open Market Committee to have served with former Fed chairmen Alan Greenspan and Paul Volcker and current chief, Bernanke. Stern joined the regional Fed bank in January 1982 as a senior vice president and director of research. He rose to the presidency some three years later.
Sandra Pianalto, president, Federal Reserve Bank of Cleveland Pianalto joined the regional bank in 1983 as an economist in the research department, rose through the ranks, and some 20 years later took the helm. Before that Pianalto, 53, worked in Washington as an economist at the Fed's headquarters and became well-versed in politics and budget making as a staff member on the House Budget Committee.
