Federal Reserve Board of Governors

Federal Reserve Board of Governors

Federal Reserve System headquarters
Headquarters	Eccles Building Washington, D.C., U.S.
Chair	Jerome Powell

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.^[1][2] It is headquartered in the Eccles Building on Constitution Avenue, N.W. in Washington, D.C.

Statutory description

By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country".^[1][2] 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.^[1][2]

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.^[3] The Board is required to make an annual report of operations to the Speaker of the House.^[4] 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,^[5] 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.^[6] 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.^[6] 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",^[6] 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".^[6]

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.^[1]

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).^[7]

Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives and Records Administration.^[8]

Current members

The current members of the Board of Governors are as follows:^[9]

Portrait	Current governor	Party	Term start	Term expires
	Jay Powell (Chair)	Republican	February 5, 2018 (as Chair) May 23, 2022 (reappointment)	May 15, 2026 (as Chair)
			May 25, 2012 (as Governor) June 16, 2014 (reappointment)	January 31, 2028 (as Governor)
	Philip Jefferson (Vice Chair)	Democratic	September 13, 2023 (as Vice Chair)	September 7, 2027 (as Vice Chair)
			May 23, 2022 (as Governor)	January 31, 2036 (as Governor)
	Michael Barr (Vice Chair for Supervision)	Democratic	July 19, 2022 (as Vice Chair for Supervision)	July 13, 2026 (as Vice Chair for Supervision)
			July 19, 2022 (as Governor)	January 31, 2032 (as Governor)
	Miki Bowman	Republican	November 26, 2018 February 1, 2020 (reappointment)	January 31, 2034
	Chris Waller	Republican	December 18, 2020	January 31, 2030
	Lisa Cook	Democratic	May 23, 2022 February 1, 2024 (reappointment)	January 31, 2038
	Adriana Kugler	Democratic	September 13, 2023	January 31, 2026

Committees

There are eight committees.^[10]

• 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

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.^[11]

Status

• Italics denotes date of term expiration

Name	Regional Bank	Term start	Term end	Tenure length	Initial appointment	Departure reason
Charles Hamlin	Boston	August 10, 1914	February 3, 1936	21 years, 177 days	Wilson	Retired
Paul Warburg	New York	August 10, 1914	August 9, 1918	3 years, 364 days	Wilson	Term expired
Frederic Delano	Chicago	August 10, 1914	July 21, 1918	3 years, 345 days	Wilson	Resigned
William Harding	Atlanta	August 10, 1914	August 9, 1922	7 years, 364 days	Wilson	Term expired
Adolph Miller	San Francisco (1914–1934)	August 10, 1914	February 3, 1936	21 years, 177 days	Wilson	Retired
	Richmond (1934–1936)
Albert Strauss	New York	October 26, 1918	March 15, 1920	1 year, 141 days	Wilson	Resigned
Henry Moehlenpah	Chicago	November 10, 1919	August 9, 1920	0 years, 273 days	Wilson	Term expired
Edmund Platt	New York	June 20, 1920	September 14, 1930	10 years, 86 days	Wilson	Resigned
David Wills	Cleveland	September 20, 1920	March 4, 1921	0 years, 165 days	Wilson	Term expired
John Mitchell	Minneapolis	May 12, 1921	May 12, 1923	2 years, 0 days	Harding	Resigned
Milo Campbell	Chicago	March 14, 1923	March 22, 1923	0 years, 8 days	Harding	Died in office
Daniel Crissinger	Cleveland	May 1, 1923	September 15, 1927	4 years, 137 days	Harding	Resigned
Edward Cunningham	Chicago	May 14, 1923	November 28, 1930	7 years, 198 days	Harding	Died in office
George James	St. Louis	May 14, 1923	February 3, 1936	12 years, 265 days	Harding	Retired
Roy Young	Minneapolis	October 4, 1927	August 31, 1930	2 years, 331 days	Coolidge	Resigned
Eugene Meyer	New York	September 16, 1930	May 10, 1933	2 years, 236 days	Hoover	Resigned
Wayland Magee	Kansas City	May 18, 1931	January 24, 1933	1 year, 251 days	Hoover	Term expired
Eugene Black	Atlanta	May 19, 1933	August 15, 1934	1 year, 88 days	F. Roosevelt	Resigned
Menc Szymczak	Chicago	June 14, 1933	May 31, 1961	27 years, 351 days	F. Roosevelt	Resigned
John Thomas	Kansas City	June 14, 1933	February 10, 1936	2 years, 241 days	F. Roosevelt	Retired
Marriner Eccles	San Francisco	November 15, 1934	July 14, 1951	16 years, 241 days	F. Roosevelt	Resigned
Joseph Broderick	New York	February 3, 1936	September 30, 1937	1 year, 239 days	F. Roosevelt	Resigned
John McKee	Cleveland	February 3, 1936	April 4, 1946	10 years, 60 days	F. Roosevelt	Retired
Ronald Ransom	Atlanta	February 3, 1936	December 2, 1947	11 years, 302 days	F. Roosevelt	Died in office
Ralph Morrison	Dallas	February 10, 1936	July 9, 1936	0 years, 150 days	F. Roosevelt	Resigned
Chester Davis	Richmond	June 25, 1936	April 15, 1941	4 years, 294 days	F. Roosevelt	Resigned
Ernest Draper	New York	March 30, 1938	September 1, 1950	12 years, 155 days	F. Roosevelt	Retired
Rudolph Evans	Richmond	March 14, 1942	August 13, 1954	12 years, 152 days	F. Roosevelt	Retired
Jake Vardaman	St. Louis	April 4, 1946	November 30, 1958	12 years, 240 days	Truman	Resigned
Larry Clayton	Boston	February 14, 1947	December 4, 1949	2 years, 293 days	Truman	Died in office
Thomas McCabe	Philadelphia	April 15, 1948	March 31, 1951	2 years, 350 days	Truman	Resigned
Edward Norton	Atlanta	September 1, 1950	January 31, 1952	1 year, 152 days	Truman	Resigned
Oliver S. Powell	Minneapolis	September 1, 1950	June 30, 1952	1 year, 303 days	Truman	Resigned
Bill Martin	New York	April 2, 1951	January 31, 1970	18 years, 304 days	Truman	Term expired
Abbot Mills	San Francisco	February 18, 1952	February 28, 1965	13 years, 10 days	Truman	Resigned
James Robertson	Kansas City	February 18, 1952	April 30, 1973	21 years, 71 days	Truman	Resigned
Canby Balderston	Philadelphia	August 12, 1954	February 28, 1966	11 years, 200 days	Eisenhower	Retired
Paul Miller	Minneapolis	August 13, 1954	October 21, 1954	0 years, 69 days	Eisenhower	Died in office
Charles Shepardson	Dallas	March 17, 1955	April 30, 1967	12 years, 44 days	Eisenhower	Retired
George King	Atlanta	March 25, 1959	September 18, 1963	4 years, 177 days	Eisenhower	Resigned
George Mitchell	Chicago	August 31, 1961	February 13, 1976	14 years, 166 days	Kennedy	Retired
Dewey Daane	Richmond	November 29, 1963	March 8, 1974	10 years, 99 days	Kennedy	Retired
Sherman Maisel	San Francisco	April 30, 1965	May 31, 1972	7 years, 31 days	Johnson	Retired
Andrew Brimmer	Philadelphia	March 9, 1966	August 31, 1974	8 years, 175 days	Johnson	Resigned
William Sherrill	Dallas	May 1, 1967	November 15, 1971	4 years, 198 days	Johnson	Resigned
Arthur Burns	New York	January 31, 1970	March 31, 1978	8 years, 59 days	Nixon	Resigned
John Sheehan	St. Louis	January 4, 1972	June 1, 1975	3 years, 148 days	Nixon	Resigned
Jeffrey Bucher	San Francisco	June 5, 1972	January 2, 1976	3 years, 211 days	Nixon	Resigned
Robert Holland	Kansas City	June 11, 1973	May 15, 1976	2 years, 339 days	Nixon	Resigned
Henry Wallich	Boston	March 8, 1974	December 15, 1986	12 years, 282 days	Nixon	Resigned
Philip Coldwell	Dallas	October 29, 1974	February 29, 1980	5 years, 123 days	Ford	Retired
Philip Jackson	Atlanta	July 14, 1975	November 17, 1978	3 years, 126 days	Ford	Resigned
Charles Partee	Richmond	January 5, 1976	February 7, 1986	10 years, 33 days	Ford	Retired
Stephen Gardner	Philadelphia	February 13, 1976	November 19, 1978	2 years, 279 days	Ford	Died in office
David Lilly	Minneapolis	June 1, 1976	February 24, 1978	1 year, 268 days	Ford	Resigned
William Miller	San Francisco	March 8, 1978	August 6, 1979	1 year, 151 days	Carter	Resigned
Nancy Teeters	Chicago	September 18, 1978	June 27, 1984	5 years, 283 days	Carter	Resigned
Emmett Rice	New York	June 20, 1979	December 31, 1986	7 years, 194 days	Carter	Resigned
Frederick Schultz	Atlanta	July 27, 1979	February 11, 1982	2 years, 199 days	Carter	Resigned
Paul Volcker	Philadelphia	August 6, 1979	August 11, 1987	8 years, 5 days	Carter	Resigned
Lyle Gramley	Kansas City	May 28, 1980	September 1, 1985	5 years, 96 days	Carter	Resigned
Preston Martin	San Francisco	March 31, 1982	April 30, 1986	4 years, 30 days	Reagan	Resigned
Martha Seger	Chicago	July 2, 1984	March 11, 1991	6 years, 252 days	Reagan	Resigned
Wayne Angell	Kansas City	February 7, 1986	February 9, 1994	8 years, 2 days	Reagan	Resigned
Manley Johnson	Richmond	February 7, 1986	August 3, 1990	4 years, 177 days	Reagan	Resigned
Robert Heller	San Francisco	August 19, 1986	July 31, 1989	2 years, 346 days	Reagan	Resigned
Edward W. Kelley	Dallas	May 26, 1987	December 31, 2001	14 years, 219 days	Reagan	Resigned
Alan Greenspan	New York	August 11, 1987	January 31, 2006	18 years, 173 days	Reagan	Term expired
John LaWare	Boston	August 15, 1988	April 30, 1995	6 years, 258 days	Reagan	Resigned
David Mullins	St. Louis	May 21, 1990	February 14, 1994	3 years, 269 days	G. H. W. Bush	Resigned
Larry Lindsey	Richmond	November 26, 1991	February 5, 1997	5 years, 71 days	G. H. W. Bush	Resigned
Susan Phillips	Chicago	December 2, 1991	June 30, 1998	6 years, 210 days	G. H. W. Bush	Resigned
Alan Blinder	Philadelphia	June 27, 1994	January 31, 1996	1 year, 218 days	Clinton	Term expired
Janet Yellen	San Francisco	August 12, 1994	February 17, 1997	2 years, 189 days	Clinton	Resigned
Laurence Meyer	St. Louis	June 24, 1996	January 31, 2002	5 years, 221 days	Clinton	Term expired
Alice Rivlin	Philadelphia	June 25, 1996	July 16, 1999	3 years, 21 days	Clinton	Resigned
Roger Ferguson	Boston	November 5, 1997	April 28, 2006	8 years, 174 days	Clinton	Resigned
Edward Gramlich	Richmond	November 5, 1997	August 31, 2005	7 years, 299 days	Clinton	Resigned
Susan Bies	Chicago	December 7, 2001	March 30, 2007	5 years, 113 days	G. W. Bush	Resigned
Mark W. Olson	Minneapolis	December 7, 2001	June 30, 2006	4 years, 205 days	G. W. Bush	Resigned
Ben Bernanke	Atlanta	August 5, 2002	June 21, 2005	2 years, 320 days	G. W. Bush	Resigned
Don Kohn	Kansas City	August 5, 2002	September 1, 2010	8 years, 27 days	G. W. Bush	Resigned
Ben Bernanke	Atlanta	February 1, 2006	January 31, 2014	7 years, 364 days	G. W. Bush	Resigned
Kevin Warsh	New York	February 24, 2006	April 2, 2011	5 years, 37 days	G. W. Bush	Resigned
Randall Kroszner	Richmond	March 1, 2006	January 21, 2009	2 years, 326 days	G. W. Bush	Resigned
Rick Mishkin	Boston	September 5, 2006	August 31, 2008	1 year, 361 days	G. W. Bush	Resigned
Betsy Duke	Philadelphia	August 5, 2008	August 31, 2013	5 years, 26 days	G. W. Bush	Resigned
Dan Tarullo	Boston	January 28, 2009	April 5, 2017	8 years, 67 days	Obama	Resigned
Sarah Bloom Raskin	Richmond	October 4, 2010	March 13, 2014	3 years, 160 days	Obama	Resigned
Janet Yellen	San Francisco	October 4, 2010	February 3, 2018	7 years, 122 days	Obama	Resigned
Jay Powell	Philadelphia	May 25, 2012	January 31, 2028	11 years, 327 days	Obama	Incumbent
Jeremy Stein	Chicago	May 30, 2012	May 28, 2014	1 year, 363 days	Obama	Resigned
Stan Fischer	New York	May 28, 2014	October 13, 2017	3 years, 138 days	Obama	Resigned
Lael Brainard	Richmond	June 16, 2014	February 18, 2023	8 years, 247 days	Obama	Resigned
Randy Quarles	Kansas City	October 13, 2017	December 25, 2021	4 years, 73 days	Trump	Resigned
Richard Clarida	Boston	September 17, 2018	January 14, 2022	3 years, 119 days	Trump	Resigned
Miki Bowman	St. Louis	November 26, 2018	January 31, 2034	5 years, 142 days	Trump	Incumbent
Chris Waller	Minneapolis	December 18, 2020	January 31, 2030	3 years, 120 days	Trump	Incumbent
Lisa Cook	Atlanta	May 23, 2022	January 31, 2038	1 year, 329 days	Biden	Incumbent
Philip Jefferson	New York	May 23, 2022	January 31, 2036	1 year, 329 days	Biden	Incumbent
Michael Barr	Chicago	July 19, 2022	January 31, 2032	1 year, 272 days	Biden	Incumbent
Adriana Kugler	Richmond	September 13, 2023	January 31, 2026	0 years, 216 days	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.^{[11][12][13][14]}

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.^[11]

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.^[15] Felix Rohatyn (district unknown) was announced to fill Alan Blinder's as vice chair and his seat in 1996.^[16] 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.^[17][18]

Nominee	Regional Bank	Year	Vacancy	President	Outcome
Carol Parry	Chicago	1999	Susan Phillips	Bill Clinton	No action[19]
Larry Klane	Richmond	2007	Mark Olson	George W. Bush	No action[20]
Peter Diamond	Chicago	2010	Rick Mishkin	Barack Obama	No action[21]
					No action[22]
		2011			Withdrawn[23]
Allan Landon	San Francisco	2015	Sarah Bloom Raskin	Barack Obama	No action[24][25]
Kathryn M. Dominguez	Chicago	2015	Jeremy Stein	Barack Obama	No action[26]
Marvin Goodfriend	Philadelphia	2017	Sarah Bloom Raskin	Donald Trump	No action[27]
		2018			No action[28]
Nellie Liang	Chicago	2018	Janet Yellen	Donald Trump	No action[29]
Judy Shelton	San Francisco	2020	Janet Yellen	Donald Trump	No action[30]
		2021			Withdrawn[31]
Sarah Bloom Raskin	Not specified	2022	Randy Quarles	Joe Biden	Withdrawn[32][33]

References

External links

BanknotesReportsFederal fundsHistory
(Antecedents)

Formation (1908–1913)	Aldrich–Vreeland Act (1908) National Monetary Commission (1909–1912) Federal Reserve Act (1913)
Interwar period (1918–1939)	Pittman Act (1918) Edge Act (1919) Phelan Act (1920) Regulation D (c. 1930) Emergency Banking Act (1933) Regulation Q (1933) Glass–Steagall Act 1933; Federal Open Market Committee Gold Reserve Act (1934) Banking Act of 1935
Post–WWII expansion (1945–1973)	Bretton Woods system (1944–1971) Employment Act of 1946 U.S. Treasury Department Accord (1951) Bank Holding Company Act (1956) FOMC actions (1961–present) Truth in Lending Act (1968) Nixon shock (1971) Smithsonian Agreement (1971)
The Great Inflation (1973–1982)	Equal Credit Opportunity Act (1974) Home Mortgage Disclosure Act (1975) Community Reinvestment Act (1977) Federal Reserve Reform Act (1977) Electronic Fund Transfer Act (1978) Humphrey–Hawkins Full Employment Act (1978) International Banking Act (1978) DIDMC Act (1980) Federal Reserve v. Investment Co. Institute (1981)
Great Moderation/ Great Regression (1982–2007)	Northeast Bancorp v. Federal Reserve (1985) Greenspan put Expedited Funds Availability Act (1987) FIRRE Act (1989) FDIC Improvement Act (1991) Gramm–Leach–Bliley Act (1999)
Digital Revolution (2007–)	Subprime mortgage crisis responses (2007–2010) Emergency Economic Stabilization Act (2008) Unfair or Deceptive Acts or Practices (2008) Commercial Paper Funding Facility (2008–2010) Primary Dealer Credit Facility (2008–2010) Bloomberg v. Federal Reserve (2009) 2009 Supervisory Capital Assessment Program Term Asset-Backed Securities Loan Facility (2009–2010) Public–Private Investment Program for Legacy Assets (2009–) Dodd–Frank Act (2010) COVID-19 economic impact (2020) Commercial Paper Funding Facility (2020–2021)

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