The Chair of the Federal Reserve is the head of the Federal Reserve System, which is the central bank of the United States. This position is responsible for guiding the country's monetary policy, regulating banks, and ensuring financial stability. The Chair is appointed by the President and confirmed by the Senate, serving a four-year term that can be renewed. The Chair leads the Federal Open Market Committee (FOMC), which makes key decisions about interest rates and money supply. This role is crucial for managing inflation and promoting maximum employment, impacting the overall economy and the financial well-being of citizens.