PAUL A. VOLCKER, often called the second-most powerful man in America, was sworn in Aug. 6, 1979, to serve a term that lasts until Jan. 31, 1992. At the same time, he was designated board chairman for a four-year term. He was reappointed as chairman in the summer of 1983. Volcker worked at the Federal Reserve Bank of New York from 1952 to 1957, when he joined Chase Manhattan Bank. In 1962, he began a series of jobs in the Treasury Department, leaving in 1965 to become a vice president of Chase. He left again in 1969 to serve five years as undersecretary of the Treasury for monetary affairs. After a year at Princeton University, he became head of the Federal Reserve Bank of New York in 1975 and stayed there until becoming Fed chairman.

MANUEL H. JOHNSON was sworn in Feb. 1, 1986, to a 14-year term and became vice chairman in August 1986. The native of Troy, Ala., earned a doctorate in economics at Florida State University and then taught at George Mason University before joining the Treasury Department. He is credited with helping design the tax-cutting Economic Recovery Act of 1981 and is known for his belief in supply-side economics.

H. ROBERT HELLER, sworn in during August 1986 to serve a term that runs to 1996, brings international expertise to the Fed board. He was born in Cologne, Germany, came to the United States shortly after high school, taught at the universities of California and Hawaii and spent four years at the International Monetary Fund.

WAYNE D. ANGELL was sworn in Feb. 7, 1986 to fill an unexpired term that ends in January 1994. He served six terms in the Kansas House of Representatives and is a partner in a 3,300-acre farm in the state.

MARTHA R. SEGER began her 14-year term in July 1984. Her resume includes work as a Fed staffer in Washington and Chicago, 10 years as a commercial banker, work as Michigan's commissioner of financial institutions in 1981-82 and a professorship at Central Michigan University.

EDWARD W. KELLEY JR., an investment counselor from Houston, was sworn in May 26.

The seventh seat is vacant and Reagan has not nominated anyone to fill it. SOURCE: UPI