The term of the Fed chairman runs four years. Board members are allowed to serve a single, full 14-year term and can serve partial terms if they are appointed to fill an unexpired term. Greenspan joined the Fed in 1987 to fill an unexpired term and was reappointed to a full 14-year term that began in February 1992. It ends in January 2006, 18 months into his next term as chairman. He cannot be reappointed to another term on the board.