Forced to explain that "traditionally, Fed chairs and presidents act in concert and without partisanship," Joseph Lawler examines whether a President Gingrich would have the power to let the Bush appointee go as promised:
If Gingrich were elected president, he would find getting rid of Bernanke to be a difficult task. The Fed is structured to remove the influence of politics from monetary policy. Accordingly, the president nominates candidates for the Board of Governors, but, once approved by the Senate, the governors are granted 14-year terms that can't be cut short by the executive branch. The chairman of the Board of Governors, also nominated by the president, is limited to four-year terms, but after he's confirmed the president has no authority to remove him unilaterally. Furthermore, the chairman is also a member of the Board of Governors, so even if President Gingrich were to replace Bernanke when Bernanke's term expires in 2014, Bernanke could choose to fill out the remainder of his 14-year term as a governor.