GetWiki

{{Short description|Governing body of the U.S. Federal Reserve System}}

factoids

The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States. Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms.See {{usc|12|241}}NEWS, Federal Reserve,www.federalreserve.gov/generalinfo/faq/faqbog.htm, Board of Governors FAQ, Federal Reserve, January 16, 2009, 2009-01-16, dead,www.federalreserve.gov/generalinfo/faq/faqbog.htm," title="web.archive.org/web/20090117011308www.federalreserve.gov/generalinfo/faq/faqbog.htm,">web.archive.org/web/20090117011308www.federalreserve.gov/generalinfo/faq/faqbog.htm, January 17, 2009, It is headquartered in the Eccles Building on Constitution Avenue, N.W. in Washington, D.C.

Statutory description

(File:Federal Reserve Governors meeting April 2019 (47679887231).jpg|thumb|upright=1|A Board of Governors meeting in April 2019)By law, the appointments must yield a “fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country”. As stipulated in the Banking Act of 1935, the Chair and Vice Chair of the Board are two of seven members of the Board of Governors who are appointed by the President from among the sitting governors of the Federal Reserve Banks.The terms of the seven members of the Board span multiple presidential and congressional terms. Once a member of the Board of Governors is appointed by the president, the members function mostly independently. Such independence is unanimously supported by major economists.Federal Reserve Board of Governors – Appointments {{Bare URL inline|date=August 2022}} The Board is required to make an annual report of operations to the Speaker of the House.{{usc|12|247}}. It also supervises and regulates the operations of the Federal Reserve Banks, and the U.S. banking system in general. The Board obtains its funding from charges that it assesses on the Federal Reserve Banks, and not from the federal budget; however, since net earnings of the Federal Reserve Banks are ultimately remitted to the US Treasury,WEB, Federal Reserve Board - Section 7. Division of Earnings,www.federalreserve.gov/aboutthefed/section7.htm, 2023-05-26, Board of Governors of the Federal Reserve System, en, and spending by the Federal Reserve System reduces the size of these remittances, the effects of this source-of-funding distinction are largely optical.Membership is by statute limited in term, and a member that has served for a full 14-year term is not eligible for reappointment. There are numerous occasions where an individual was appointed to serve the remainder of another member’s uncompleted term, and has been reappointed to serve a full 14-year term. Since “upon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed and have qualified”, it is possible for a member to serve for significantly longer than a full term of 14 years. The law provides for the removal of a member of the Board by the President “for cause”.See {{usc|12|242}}.The Chair and Vice Chair of the Board of Governors are appointed by the President from among the sitting Governors. They both serve a four-year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire.All seven board members of the Federal Reserve Board of Governors and five Federal Reserve Bank presidents direct the open market operations that sets U.S. monetary policy through their membership in the Federal Open Market Committee (FOMC).WEB,www.federalreserve.gov/aboutthefed/files/pf_2.pdf, The Three Key System Entities, Board of Governors of the Federal Reserve System, Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives and Records Administration.JOURNAL,www.researchgate.net/publication/4732554, en, Gary, Richardson, Records of the Federal Reserve Board of Governors in Record Group 82 at the National Archives of the United States, April 21, 2018, Financial History Review, February 2006, 13, 123–134, 10.1017/S0968565006000084, 154320973,web.archive.org/web/20180421124252/https://www.researchgate.net/publication/4732554_Records_of_the_Federal_Reserve_Board_of_Governors_in_Record_Group_82_at_the_National_Archives_of_the_United_States, April 21, 2018, live,

Current members

(File:Federal Reserve Board of Governors 2022 (52227599870).jpg|thumb|upright=1.1|The Federal Reserve Board of Governors in 2022)The current members of the Board of Governors are as follows:WEB, Federal Reserve Board - Board Members,www.federalreserve.gov/aboutthefed/bios/board/default.htm, 2023-09-13, Board of Governors of the Federal Reserve System, en, {{Federal Reserve Governors}}

Committees

There are eight committees. “About the Fed” on the Federal Reserve Board of Governors website

• Committee on Board Affairs
• Committee on Consumer and Community Affairs
• Committee on Economic and Financial Monitoring and Research
• Committee on Financial Stability
• Committee on Federal Reserve Bank Affairs
• Committee on Bank Supervision
• Subcommittee on Smaller Regional and Community Banking
• Committee on Payments, Clearing, and Settlement

List of governors

(File:US Federal Reserve Board of Governors meeting 1922.jpg|thumb|upright=1.1|A Board of Governors meeting on January 1, 1922)(File:BDM ALL cent grp 121613 0518 02819 (14083677154).jpg|thumb|upright=1.1|Current and living former governors as of May 1, 2014)The following is a list of past and present members of the Board of Governors of the Federal Reserve System. A governor serves for a fourteen-year term after appointment and member who serves a full term may not be reappointed; when governor completes an unexpired portion of a term may be reappointed. Since the Federal Reserve was established in 1914, the following people have served as governor.WEB,www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm, Board of Governors Members, 1914-Present, Federal Reserve Board of Governors, April 28, 2020, Status{{legend|#FFEC8B|Denotes a current member|border=black}}

• Italics denotes date of term expiration

{|class=“wikitable sortable” font=70%”!Name!Regional Bank!Term start!Term end!Tenure length!Initialappointment!Departure reasonFederal Reserve Bank of Boston>Boston191410}}19363}}1914102|3}}Woodrow Wilson>Wilson|RetiredFederal Reserve Bank of New York>New York191410}}19189}}1914108|9}}Woodrow Wilson>Wilson|Term expiredFederal Reserve Bank of Chicago>Chicago191410}}191821}}1914107|21}}Woodrow Wilson>Wilson|ResignedFederal Reserve Bank of Atlanta>Atlanta191410}}19229}}1914108|9}}Woodrow Wilson>Wilson|Term expiredFederal Reserve Bank of San Francisco>San Francisco{{small|(1914–1934)}}{{dts8|10}}{{dts2|3}}{{age in years and days819363}}WilsonRetiredFederal Reserve Bank of Richmond>Richmond{{small|(1934–1936)}}Federal Reserve Bank of New York>New York191826}}192015}}1918263|15}}Woodrow Wilson>Wilson|ResignedFederal Reserve Bank of Chicago>Chicago191910}}19209}}1919108|9}}Woodrow Wilson>Wilson|Term expiredFederal Reserve Bank of New York>New York192020}}193014}}1920209|14}}Woodrow Wilson>Wilson|ResignedFederal Reserve Bank of Cleveland>Cleveland192020}}192104}}1920203|4}}Woodrow Wilson>Wilson|Term expiredFederal Reserve Bank of Minneapolis>Minneapolis192112}}192312}}1921125|12}}Warren G. Harding>Harding|ResignedFederal Reserve Bank of Chicago>Chicago192314}}192322}}1923143|22}}Warren G. Harding>Harding|Died in officeFederal Reserve Bank of Cleveland>Cleveland19231}}192715}}192319|15}}Warren G. Harding>Harding|ResignedFederal Reserve Bank of Chicago>Chicago192314}}193028}}19231411|28}}Warren G. Harding>Harding|Died in officeFederal Reserve Bank of St. Louis>St. Louis192314}}19363}}1923142|3}}Warren G. Harding>Harding|RetiredFederal Reserve Bank of Minneapolis>Minneapolis19274}}193031}}192748|31}}Calvin Coolidge>Coolidge|ResignedFederal Reserve Bank of New York>New York193016}}193310}}1930165|10}}Herbert Hoover>Hoover|ResignedFederal Reserve Bank of Kansas City>Kansas City193118}}193324}}1931181|24}}Herbert Hoover>Hoover|Term expiredFederal Reserve Bank of Atlanta>Atlanta193319}}193415}}1933198|15}}Franklin D. Roosevelt>F. Roosevelt|ResignedFederal Reserve Bank of Chicago>Chicago193314}}196131}}19331405|31}}Franklin D. Roosevelt>F. Roosevelt|ResignedFederal Reserve Bank of Kansas City>Kansas City193314}}193610}}1933142|10}}Franklin D. Roosevelt>F. Roosevelt|RetiredFederal Reserve Bank of San Francisco>San Francisco193415}}195114}}1934157|14}}Franklin D. Roosevelt>F. Roosevelt|ResignedFederal Reserve Bank of New York>New York19363}}193730}}193639|30}}Franklin D. Roosevelt>F. Roosevelt|ResignedFederal Reserve Bank of Cleveland>Cleveland19363}}19464}}193634|4}}Franklin D. Roosevelt>F. Roosevelt|RetiredFederal Reserve Bank of Atlanta>Atlanta19363}}19472}}1936312|2}}Franklin D. Roosevelt>F. Roosevelt|Died in officeFederal Reserve Bank of Dallas>Dallas193610}}19369}}1936107|9}}Franklin D. Roosevelt>F. Roosevelt|ResignedFederal Reserve Bank of Richmond>Richmond193625}}194115}}1936254|15}}Franklin D. Roosevelt>F. Roosevelt|ResignedFederal Reserve Bank of New York>New York193830}}19501}}19383009|01}}Franklin D. Roosevelt>F. Roosevelt|RetiredFederal Reserve Bank of Richmond>Richmond194214}}195413}}1942148|13}}Franklin D. Roosevelt>F. Roosevelt|RetiredFederal Reserve Bank of St. Louis>St. Louis19464}}195830}}1946411|30}}Harry S. Truman>Truman|ResignedFederal Reserve Bank of Boston>Boston194714}}19494}}19471412|04}}Harry S. Truman>Truman|Died in officeFederal Reserve Bank of Philadelphia>Philadelphia194815}}195131}}1948153|31}}Harry S. Truman>Truman|ResignedFederal Reserve Bank of Atlanta>Atlanta19501}}195231}}195011|31}}Harry S. Truman>Truman|ResignedFederal Reserve Bank of Minneapolis>Minneapolis19501}}195230}}195016|30}}Harry S. Truman>Truman|ResignedFederal Reserve Bank of New York>New York19512}}197031}}195121|31}}Harry S. Truman>Truman|Term expiredFederal Reserve Bank of San Francisco>San Francisco195218}}196528}}1952182|28}}Harry S. Truman>Truman|ResignedFederal Reserve Bank of Kansas City>Kansas City195218}}197330}}1952184|30}}Harry S. Truman>Truman|ResignedFederal Reserve Bank of Philadelphia>Philadelphia195412}}196628}}1954122|28}}Dwight D. Eisenhower>Eisenhower|RetiredFederal Reserve Bank of Minneapolis>Minneapolis195413}}195421}}19541310|21}}Dwight D. Eisenhower>Eisenhower|Died in officeFederal Reserve Bank of Dallas>Dallas195517}}196730}}1955174|30}}Dwight D. Eisenhower>Eisenhower|RetiredFederal Reserve Bank of Atlanta>Atlanta195925}}196318}}1959259|18}}Dwight D. Eisenhower>Eisenhower|ResignedFederal Reserve Bank of Chicago>Chicago196131}}197613}}1961312|13}}John F. Kennedy>Kennedy|RetiredFederal Reserve Bank of Richmond>Richmond196329}}19748}}1963293|8}}John F. Kennedy>Kennedy|RetiredFederal Reserve Bank of San Francisco>San Francisco196530}}197231}}19653005|31}}Lyndon B. Johnson>Johnson|RetiredFederal Reserve Bank of Philadelphia>Philadelphia19669}}197431}}196698|31}}Lyndon B. Johnson>Johnson|ResignedFederal Reserve Bank of Dallas>Dallas19671}}197115}}1967111|15}}Lyndon B. Johnson>Johnson|ResignedFederal Reserve Bank of New York>New York197031}}197831}}1970313|31}}Richard Nixon>Nixon|ResignedFederal Reserve Bank of St. Louis>St. Louis19724}}19751}}197246|1}}Richard Nixon>Nixon|ResignedFederal Reserve Bank of San Francisco>San Francisco19725}}19762}}197251|2}}Richard Nixon>Nixon|ResignedFederal Reserve Bank of Kansas City>Kansas City197311}}197615}}1973115|15}}Richard Nixon>Nixon|ResignedFederal Reserve Bank of Boston>Boston19748}}198615}}1974812|15}}Richard Nixon>Nixon|ResignedFederal Reserve Bank of Dallas>Dallas197429}}198029}}1974292|29}}Gerald Ford>Ford|RetiredFederal Reserve Bank of Atlanta>Atlanta197514}}197817}}19751411|17}}Gerald Ford>Ford|ResignedFederal Reserve Bank of Richmond>Richmond19765}}19867}}197652|7}}Gerald Ford>Ford|RetiredFederal Reserve Bank of Philadelphia>Philadelphia197613}}197819}}19761311|19}}Gerald Ford>Ford|Died in officeFederal Reserve Bank of Minneapolis>Minneapolis19761}}197824}}197612|24}}Gerald Ford>Ford|ResignedFederal Reserve Bank of San Francisco>San Francisco19788}}19796}}197888|6}}Jimmy Carter>Carter|ResignedFederal Reserve Bank of Chicago>Chicago197818}}198427}}1978186|27}}Jimmy Carter>Carter|ResignedFederal Reserve Bank of New York>New York197920}}198631}}19792012|31}}Jimmy Carter>Carter|ResignedFederal Reserve Bank of Atlanta>Atlanta197927}}198211}}1979272|11}}Jimmy Carter>Carter|ResignedFederal Reserve Bank of Philadelphia>Philadelphia19796}}198711}}197968|11}}Jimmy Carter>Carter|ResignedFederal Reserve Bank of Kansas City>Kansas City198028}}19851}}1980289|1}}Jimmy Carter>Carter|ResignedFederal Reserve Bank of San Francisco>San Francisco198231}}198630}}1982314|30}}Ronald Reagan>Reagan|ResignedFederal Reserve Bank of Chicago>Chicago19842}}199111}}198423|11}}Ronald Reagan>Reagan|ResignedFederal Reserve Bank of Kansas City>Kansas City19867}}19949}}1986072|9}}Ronald Reagan>Reagan|ResignedFederal Reserve Bank of Richmond>Richmond19867}}19903}}198678|3}}Ronald Reagan>Reagan|ResignedFederal Reserve Bank of San Francisco>San Francisco198619}}198931}}1986197|31}}Ronald Reagan>Reagan|ResignedFederal Reserve Bank of Dallas>Dallas198726}}200131}}19872612|31}}Ronald Reagan>Reagan|ResignedFederal Reserve Bank of New York>New York198711}}200631}}1987111|31}}Ronald Reagan>Reagan|Term expiredFederal Reserve Bank of Boston>Boston198815}}199530}}1988154|30}}Ronald Reagan>Reagan|ResignedFederal Reserve Bank of St. Louis>St. Louis199021}}199414}}1990212|14}}George H. W. Bush>G. H. W. Bush|ResignedFederal Reserve Bank of Richmond>Richmond199126}}19975}}1991262|5}}George H. W. Bush>G. H. W. Bush|ResignedFederal Reserve Bank of Chicago>Chicago199102}}199830}}199126|30}}George H. W. Bush>G. H. W. Bush|ResignedFederal Reserve Bank of Philadelphia>Philadelphia199427}}199631}}1994271|31}}Bill Clinton>Clinton|Term expiredFederal Reserve Bank of San Francisco>San Francisco199412}}199717}}19941202|17}}Bill Clinton>Clinton|ResignedFederal Reserve Bank of St. Louis>St. Louis199624}}200231}}1996241|31}}Bill Clinton>Clinton|Term expiredFederal Reserve Bank of Philadelphia>Philadelphia199625}}199916}}1996257|16}}Bill Clinton>Clinton|ResignedFederal Reserve Bank of Boston>Boston19975}}200628}}199754|28}}Bill Clinton>Clinton|ResignedFederal Reserve Bank of Richmond>Richmond19975}}200531}}199758|31}}Bill Clinton>Clinton|ResignedFederal Reserve Bank of Chicago>Chicago20017}}200730}}2001073|30}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Minneapolis>Minneapolis20017}}200630}}200176|30}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Atlanta>Atlanta200205}}200521}}2002056|21}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Kansas City>Kansas City20025}}20101}}200259|1}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Atlanta>Atlanta20061}}201431}}200611|31}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of New York>New York200624}}20112}}2006244|2}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Richmond>Richmond20061}}200921}}200611|21}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Boston>Boston20065}}200831}}200658|31}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Philadelphia>Philadelphia20085}}201331}}200858|31}}George W. Bush>G. W. Bush|ResignedFederal Reserve Bank of Boston>Boston200928}}20175}}2009284|5}}Barack Obama>Obama|ResignedFederal Reserve Bank of Richmond>Richmond20104}}201413}}201043|13}}Barack Obama>Obama|ResignedFederal Reserve Bank of San Francisco>San Francisco20104}}20183}}201042|3}}Barack Obama>Obama|Resigned style="background:#ffec8b;”Federal Reserve Bank of Philadelphia>Philadelphia201225}}202831}}’’201225}}Barack Obama>Obama|IncumbentFederal Reserve Bank of Chicago>Chicago201230}}201428}}2012305|28}}Barack Obama>Obama|ResignedFederal Reserve Bank of New York>New York201428}}201713}}20142810|13}}Barack Obama>Obama|Resigned Federal Reserve Bank of Richmond>Richmond201416}}202318}}2014162|18}}Barack Obama>Obama|ResignedFederal Reserve Bank of Kansas City>Kansas City201713}}202125}}20171312|25}}Donald Trump>Trump|ResignedFederal Reserve Bank of Boston>Boston201817}}202214}}2018171|14}}Donald Trump>Trump|Resigned style="background:#ffec8b;”Federal Reserve Bank of St. Louis>St. Louis201826}}203431}}’’201826}}Donald Trump>Trump|Incumbent style="background:#ffec8b;”Federal Reserve Bank of Minneapolis>Minneapolis202018}}203031}}’’202018}}Donald Trump>Trump|Incumbent style="background:#ffec8b;”Federal Reserve Bank of Atlanta>Atlanta202223}}203831}}’’202223}}Joe Biden>Biden|Incumbent style="background:#ffec8b;”Federal Reserve Bank of New York>New York202223}}203631}}’’202223}}Joe Biden>Biden|Incumbent style="background:#ffec8b;”Federal Reserve Bank of Chicago>Chicago202219}}203231}}’’202219}}Joe Biden>Biden|Incumbent style="background:#ffec8b;”Federal Reserve Bank of Richmond>Richmond202313}}202631}}’’202313}}Joe Biden>Biden|Incumbent

Succession of seats

The Federal Reserve Board has seven seats subject to Senate confirmation, separate from a member’s term as chair or vice chair.WEB,www.llsdc.org/assets/FRAdocs/crs-95-292-1995.pdf, Board of Governors of the Federal Reserve System: History, Membership, and Current Issues, Smale, Pauline H., February 9, 1985, Congressional Research Service, April 28, 2020, WEB,fraser.stlouisfed.org/files/docs/historical/eccles/003_02_0009.pdf, List of Suggested Appointments to the Federal Reserve Board, FRASER, May 3, 2020, JOURNAL, The Partisanship of Financial Regulators, Joseph, Engelberg, Matthew, Henriksson, Asaf, Manela, Jared, Williams, October 29, 2019, Social Science Research Network, 3481564, {{col-begin}}{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Seat 1Federal Reserve Act}}Charles Sumner Hamlin>Hamlin|August 10, 1914 –February 3, 1936Ralph W. Morrison>Morrison|February 10, 1936 –July 9, 1936Lawrence Clayton>Clayton|February 14, 1947 –December 4, 1949Oliver S. Powell (banker)>O. Powell|September 1, 1950 –June 30, 1952C. Canby Balderston>Balderston|August 12, 1954 –February 28, 1966Andrew Brimmer>Brimmer|March 9, 1966 –August 31, 1974 Philip E. Coldwell>Coldwell|October 29, 1974 –February 29, 1980Lyle Gramley>Gramley|May 28, 1980 –September 1, 1985Wayne Angell>Angell|February 7, 1986 –February 9, 1994Janet Yellen>Yellen|August 12, 1994 –February 17, 1997Edward Gramlich>Gramlich|November 5, 1997 –August 31, 2005Randall Kroszner>Kroszner|March 1, 2006 –January 21, 2009Daniel Tarullo>Tarullo|January 28, 2009 –April 5, 2017Richard Clarida>ClaridaSeptember 17, 2018 –}}January 14, 2022Philip Jefferson>Jefferson|May 23, 2022 –present{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Seat 2Paul Warburg>Warburg|August 10, 1914 –August 9, 1918Albert Strauss (central banker)>Strauss|October 26, 1918 –March 15, 1920Edmund Platt>Platt|June 8, 1920 –September 14, 1930Eugene Meyer (financier)>E. MeyerSeptember 16, 1930 –}}May 10, 1933Eugene Robert Black>Black|May 19, 1933 –August 15, 1934 Marriner S. Eccles>Eccles|November 15, 1934 –February 1, 1936Chester C. Davis>Davis|June 25, 1936 –April 15, 1941Rudolph M. Evans>Evans|March 14, 1942 –August 13, 1954Paul E. Miller>P. Miller|August 13, 1954 –October 21, 1954Charles N. Shepardson>Shepardson|March 17, 1955 –April 30, 1967William W. Sherrill>Sherrill|May 1, 1967 –November 15, 1971 John E. Sheehan>Sheehan|January 4, 1972 –June 1, 1975Philip C. Jackson Jr.>Jackson|July 14, 1975 –November 17, 1978Frederick H. Schultz>Schultz|July 27, 1979 –February 11, 1982Preston Martin>P. Martin|March 31, 1982 –April 30, 1986H. Robert Heller>Heller|August 19, 1986 –July 31, 1989David W. Mullins Jr.>Mullins|May 21, 1990 –February 14, 1994Alan Blinder>Blinder|June 27, 1994 –January 31, 1996Alice Rivlin>Rivlin|June 25, 1996 –July 16, 1999Mark W. Olson>Olson|December 7, 2001 –June 30, 2006Janet Yellen>Yellen|October 4, 2010 –February 3, 2018Lisa D. Cook>Cook|May 23, 2022 –present{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Seat 3Frederic Adrian Delano>Delano|August 10, 1914 –July 21, 1918Henry A. Moehlenpah>Moehlenpah|November 10, 1919 –August 9, 1920David C. Wills>Wills|September 29, 1920 –March 4, 1921John Mitchell (central banker)>J. Mitchell|May 12, 1921 –May 12, 1923George R. James>James|May 14, 1923 –February 3, 1936 Ronald Ransom>Ransom|February 3, 1936 –December 2, 1947Thomas B. McCabe>McCabe|April 15, 1948 –March 31, 1951William McChesney Martin>W. Martin|April 2, 1951 –January 31, 1970Arthur F. Burns>Burns|February 1, 1970 –March 31, 1978Nancy Teeters>TeetersSeptember 18, 1978 –}}June 27, 1984 Martha Seger>Seger|July 2, 1984 –March 11, 1991Susan M. Phillips>Phillips|December 2, 1991 –June 30, 1998Susan Bies>Bies|December 7, 2001 –March 30, 2007Elizabeth Ashburn Duke>Duke|August 5, 2008 –August 31, 2013Lael Brainard>Brainard|June 16, 2014 –February 18, 2023Adriana Kugler>Kugler|September 13, 2023 –present{{col-end}}{{Col-begin}}{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Seat 4William P. G. Harding>Harding|August 10, 1914 –August 9, 1922Daniel Richard Crissinger>Crissinger|May 1, 1923 –September 15, 1927Roy A. Young>Young|October 4, 1927 –August 31, 1930Menc S. Szymczak>Szymczak|June 14, 1933 –February 1, 1936Marriner S. Eccles>Eccles|February 1, 1936 –July 14, 1951Abbot Mills>Mills|February 18, 1952 –February 28, 1965Sherman J. Maisel>Maisel|April 30, 1965 –May 31, 1972Jeffrey Bucher>Bucher|June 5, 1972 –January 2, 1976Charles Partee>Partee|January 5, 1976 –February 7, 1986 Manuel H. Johnson>Johnson|February 7, 1986 –August 3, 1990Lawrence B. Lindsey>LindseyNovember 26, 1991 –}}February 5, 1997Roger W. Ferguson Jr.>Ferguson|November 5, 1997 –April 28, 2006Frederic Mishkin>Mishkin|September 5, 2006 –August 31, 2008Jerome Powell>J. Powell|May 25, 2012 –present{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Seat 5Adolph C. Miller>A. Miller|August 10, 1914 –February 3, 1936John K. McKee>McKee|February 3, 1936 –April 4, 1946James K. Vardaman Jr.>Vardaman|April 4, 1946 –November 30, 1958G.H. King Jr.>King|March 25, 1959 –September 18, 1963J. Dewey Daane>Daane|November 29, 1963 –March 4, 1974Henry Wallich>Wallich|March 8, 1974 –December 15, 1986 John P. LaWare>LaWare|August 15, 1988 –April 30, 1995Laurence Meyer>L. Meyer|June 24, 1996 –January 31, 2002Donald Kohn>Kohn|August 5, 2002 –September 1, 2010Sarah Bloom Raskin>Bloom Raskin|October 4, 2010 –March 13, 2014Christopher Waller>Waller{{nowrap>December 18, 2020 –}}present{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Seat 6Milo D. Campbell>Campbell|March 14, 1923 –March 22, 1923Edward H. Cunningham>Cunningham|May 14, 1923 –November 28, 1930Wayland W. Magee>Magee|May 18, 1931 –January 24, 1933John Thomas (central banker)>Thomas|June 14, 1933 –February 10, 1936Menc S. Szymczak>Szymczak|February 10, 1936 –May 31, 1961George W. Mitchell>G. Mitchell|August 31, 1961 –February 13, 1976Stephen Gardner>GardnerFebruary 13, 1976 –}}November 19, 1978Emmett J. Rice>Rice|June 20, 1979 –December 31, 1986Edward W. Kelley Jr.>Kelley|May 26, 1987 –December 31, 2001 Ben Bernanke>Bernanke|August 5, 2002 –June 21, 2005Kevin Warsh>Warsh|February 24, 2006 –April 2, 2011Jeremy C. Stein>Stein|May 30, 2012 –May 28, 2014Randal Quarles>Quarles|October 13, 2017 –December 25, 2021Michael Barr (Treasury official)>Barr|July 19, 2022 –present{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Seat 7Banking Act of 1935}}Joseph A. Broderick>Broderick|February 13, 1936 –September 30, 1937Ernest G. Draper>Draper|March 30, 1938 –September 1, 1950Edward L. Norton>Norton|September 1, 1950 –January 31, 1952James Robertson (central banker)>Robertson|February 18, 1952 –April 30, 1973Robert C. Holland>Holland|June 11, 1973 –May 15, 1976 David M. Lilly>Lilly|June 1, 1976 –February 24, 1978G. William Miller>G. W. Miller|March 8, 1978 –August 9, 1979Paul Volcker>Volcker|August 9, 1979 –August 11, 1987Alan Greenspan>Greenspan|August 11, 1987 –January 31, 2006Ben Bernanke>Bernanke|February 1, 2006 –January 31, 2014Stanley Fischer>Fischer|May 28, 2014 –October 16, 2017Michelle Bowman>Bowman{{nowrap>November 26, 2018 –}}present{{col-end}}

Structure of leadership

The Chair, Vice Chair and Vice Chair for Supervision are appointed by the President from among the sitting members of the Board to serve a four-year term and they can be renominated as many times as the President chooses, subject to Senate confirmation each time, until their terms on the Board of Governors expire.{{col-begin}}{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|ChairFederal Reserve Act}}Charles Sumner Hamlin>Hamlin|August 10, 1914 –August 9, 1916William P. G. Harding>Harding|August 10, 1916 –August 9, 1922Daniel Richard Crissinger>Crissinger|May 1, 1923 –September 15, 1927Roy A. Young>Young|October 4, 1927 –August 31, 1930Eugene Meyer (financier)>E. MeyerSeptember 16, 1930 –}}May 10, 1933Eugene Robert Black>Black|May 19, 1933 –August 15, 1934 Marriner S. Eccles>Eccles|November 15, 1934 –January 31, 1948Thomas B. McCabe>McCabe|April 15, 1948 –March 31, 1951William McChesney Martin>W. Martin|April 2, 1951 –January 31, 1970Arthur F. Burns>Burns|February 1, 1970 –January 31, 1978G. William Miller>G. W. Miller|March 8, 1978 –August 6, 1979Paul Volcker>Volcker|August 6, 1979 –August 11, 1987Alan Greenspan>Greenspan|August 11, 1987 –January 31, 2006Ben Bernanke>Bernanke|February 1, 2006 –January 31, 2014Janet Yellen>Yellen|February 3, 2014 –February 3, 2018Jerome Powell>J. Powell|February 5, 2018 –present{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Vice ChairFrederic Adrian Delano>Delano|August 10, 1914 –August 9, 1916Paul Warburg>Warburg|August 10, 1916 –August 9, 1918Albert Strauss (central banker)>Strauss|October 26, 1918 –March 15, 1920Edmund Platt>Platt|July 23, 1920 –September 14, 1930John Thomas (central banker)>Thomas|August 21, 1934 –February 10, 1936Ronald Ransom>Ransom|August 6, 1936 –December 2, 1947 C. Canby Balderston>Balderston|March 11, 1955 –February 28, 1966James Robertson (central banker)>Robertson|March 1, 1966 –April 30, 1973George W. Mitchell>G. Mitchell|March 1, 1973 –February 13, 1976Stephen Gardner>Gardner|February 13, 1976 –November 19, 1978Frederick H. Schultz>Schultz|July 27, 1979 –February 11, 1982Preston Martin>P. Martin|March 31, 1982 –April 30, 1986Manuel H. Johnson>Johnson|August 4, 1986 –August 3, 1990David W. Mullins Jr.>Mullins|July 24, 1991 –February 14, 1994Alan Blinder>Blinder|June 27, 1994 –January 31, 1996Alice Rivlin>Rivlin|June 25, 1996 –July 16, 1999Roger W. Ferguson Jr.>Ferguson|October 5, 1999 –April 28, 2006Donald Kohn>Kohn|June 23, 2006 –June 23, 2010Janet Yellen>Yellen|October 4, 2010 –February 3, 2014Stanley Fischer>Fischer|June 16, 2014 –October 16, 2017Richard Clarida>Clarida|September 17, 2018 –January 14, 2022Lael Brainard>Brainard|May 23, 2022 –February 18, 2023Philip Jefferson>Jefferson|September 13, 2023 –present{{col-break}}{|class=“wikitable”! colspan=“2” style="background:#fff;“|Vice Chair for SupervisionDodd–Frank Wall Street Reform and Consumer Protection Act>Dodd–Frank Act}}Randal Quarles>Quarles|October 13, 2017 –October 13, 2021Michael Barr (Treasury official)>Barr|July 19, 2022 –present{{col-end}}

Unsuccessful nominations

The below table shows those who were formally nominated to fill a vacant seat but failed to be confirmed by the Senate.In addition some have been announced but never formally nominated before being withdrawn from consideration. Alicia Munnell, representing Boston, was announced to fill LaWare’s seat by Bill Clinton in 1995.NEWS, Clinton Loses A Fed Fight,www.bloomberg.com/news/articles/1995-07-09/clinton-loses-a-fed-fight, 2023-05-26, Bloomberg, Felix Rohatyn (district unknown) was announced to fill Alan Blinder’s as vice chair and his seat in 1996.WEB, Haberman, Clyde, Clyde Haberman, Talent Lost to a Failure Called Politics, The New York Times, February 23, 1996,query.nytimes.com/gst/fullpage.html?res=9403E7DB1039F930A15751C0A960958260, March 1, 2008, Steve Moore and Herman Cain were announced to fill Bloom Raskin and Yellen’s seats (without specifying which seat or district) by Donald Trump in 2019.WEB,www.wsj.com/articles/trump-offers-fed-board-position-to-economic-commentator-stephen-moore-11553265752, Trump Offers Fed Board Position to Economic Commentator Stephen Moore, Nick, Timiraos, The Wall Street Journal, March 22, 2019, NEWS,www.cnn.com/2019/04/04/politics/herman-cain-federal-reserve/index.html, Trump Says He’s Recommending Herman Cain to Fed, Donna, Borak, Maegan, Vazquez, CNN, April 4, 2019, {| class=“wikitable sortable”!Nominee !Regional Bank!Year!Vacancy!President!OutcomeFederal Reserve Bank of Chicago>Chicago|1999PN480 — Carol J. Parry — Board of Governors of the Federal Reserve System 106th Congress (1999–2000)Federal Reserve Bank of Richmond>Richmond|2007PN569 — Larry Allan Klane — Federal Reserve System, 110th Congress (2007–2008)Chicago2010|No actionPN1726 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)|No actionPN2121 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)|2011|WithdrawnPN52 — Peter A. Diamond — Federal Reserve System 112th Congress (2011–2012)Federal Reserve Bank of San Francisco>San Francisco|2015PN2 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)PN3 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)Federal Reserve Bank of Chicago>Chicago|2015PN674 — Kathryn M. Dominguez — Federal Reserve System 114th Congress (2015–2016)Philadelphia|2017|No actionPN1279 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)|2018|No actionPN1348 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)Federal Reserve Bank of Chicago>Chicago|2018PN2543 — Jean Nellie Liang — Federal Reserve System 115th Congress (2017–2018)San Francisco|2020|No actionPN1422 — Judy Shelton — Federal Reserve System 116th Congress (2019–2020)|2021|WithdrawnPN3 — Judy Shelton — Federal Reserve System 117th Congress (2021–2022)Not specified|2022PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)

References

{{Reflist}}

External links

{{Commons category}}

• Federal Reserve List of Governors
• Board of Governors of the Federal Reserve System in the Federal Register
• Nomination hearings for Chairmen and Members of the Board of Governors of the Federal Reserve System
• Public Statements of Federal Reserve Board Members and Chairmen
• Minutes of Meetings of the Board of Governors of the Federal Reserve System
• Works by the Board of Governors

{{NARA}}{{Federal Reserve System}}{{Bank regulation in the United States}}{{authority control}}