Both of the presumptive U.S. presidential nominees praise the central bank's chairman, Ben Bernanke, a Republican. Both backed the Fed's moves to rescue Bear Stearns Cos. from bankruptcy and to support Fannie Mae and Freddie Mac. Both candidates' advisers say the Fed's approach to interest rates would change little with a new administration.

With neither senator eager to frighten investors or talk about shifting course during a credit crisis, the next president is likely to continue the policy of the past 16 years under President Clinton and President Bush: Avoid meddling in interest-rate decisions and appoint Fed officials who are respected in the worlds of economics and finance.

''It will be difficult for either candidate to make a big change,'' said David Jones, a former Fed economist who has written books about the central bank.

Neither candidate has spoken extensively about the Fed during the campaign or had a chance to question the central bank's chairman in committee hearings in recent years. In March, Bernanke briefed McCain on the Bear Stearns episode over the phone, at McCain's request. They spoke for about 15 minutes, according to Bernanke's daybook.

''We have complete confidence in the chairman and the Federal Reserve,'' said Douglas Holtz-Eakin, a top McCain adviser. Obama ''also has a lot of confidence in Ben Bernanke,'' said Jason Furman, the Illinois senator's economic adviser.

Still, the election will affect the institution because either Obama, a Democrat, or McCain, an Arizona Republican, will appoint three of seven Fed governors right away, due to vacancies. The new president will also decide whether to nominate Bernanke for a second four-year term after the chairman's first one ends in January 2010.

Obama and McCain have also signaled they support the Fed's moves to step up regulation and enforcement. The Fed is one of four main federal agencies to supervise commercial banks, and Congress may expand its supervision over investment banks next year since the Fed has become a lender of last resort to securities firms.

Bernanke last week approved new rules requiring lenders to determine a borrower's ability to repay and barring other practices that led to the housing collapse after congressional Democrats criticized the Fed for past inaction.