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Federal Reserve Board of Governors

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Federal Reserve Board of Governors
Federal Reserve System headquarters
Federal Reserve System headquarters
HeadquartersEccles Building
Washington, D.C., U.S.
ChairJerome 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

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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".[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 who 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] a member can 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 set 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

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The Federal Reserve Board of Governors in 2022

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

Portrait Current governor Party Term start Term expires
Jerome 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)
Michelle Bowman Republican November 26, 2018
February 1, 2020 (reappointment) 		January 31, 2034
Christopher 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

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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

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A Board of Governors meeting on January 1, 1922
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.[11]

Status

  Denotes a current member
  • 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 12 years, 181 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, 362 days Trump Incumbent
Chris Waller Minneapolis December 18, 2020 January 31, 2030 3 years, 340 days Trump Incumbent
Lisa Cook Atlanta May 23, 2022 January 31, 2038 2 years, 183 days Biden Incumbent
Philip Jefferson New York May 23, 2022 January 31, 2036 2 years, 183 days Biden Incumbent
Michael Barr Chicago July 19, 2022 January 31, 2032 2 years, 126 days Biden Incumbent
Adriana Kugler Richmond September 13, 2023 January 31, 2026 1 year, 70 days Biden Incumbent

Succession of seats

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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

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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

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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

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  1. ^ a b c d See 12 U.S.C. § 241
  2. ^ a b c Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved 2009-01-16.
  3. ^ Federal Reserve Board of Governors – Appointments [bare URL]
  4. ^ 12 U.S.C. § 247.
  5. ^ "Federal Reserve Board - Section 7. Division of Earnings". Board of Governors of the Federal Reserve System. Retrieved 2023-05-26.
  6. ^ a b c d See 12 U.S.C. § 242.
  7. ^ "The Three Key System Entities" (PDF). Board of Governors of the Federal Reserve System.
  8. ^ Richardson, Gary (February 2006). "Records of the Federal Reserve Board of Governors in Record Group 82 at the National Archives of the United States". Financial History Review. 13: 123–134. doi:10.1017/S0968565006000084. S2CID 154320973. Archived from the original on April 21, 2018. Retrieved April 21, 2018.
  9. ^ "Federal Reserve Board - Board Members". Board of Governors of the Federal Reserve System. Retrieved 2023-09-13.
  10. ^ "About the Fed" on the Federal Reserve Board of Governors website
  11. ^ a b c "Board of Governors Members, 1914-Present". Federal Reserve Board of Governors. Retrieved April 28, 2020.
  12. ^ Smale, Pauline H. (February 9, 1985). "Board of Governors of the Federal Reserve System: History, Membership, and Current Issues" (PDF). Congressional Research Service. Retrieved April 28, 2020.
  13. ^ "List of Suggested Appointments to the Federal Reserve Board" (PDF). FRASER. Retrieved May 3, 2020.
  14. ^ Engelberg, Joseph; Henriksson, Matthew; Manela, Asaf; Williams, Jared (October 29, 2019). "The Partisanship of Financial Regulators". Social Science Research Network. SSRN 3481564.
  15. ^ "Clinton Loses A Fed Fight". Bloomberg. Retrieved 2023-05-26.
  16. ^ Haberman, Clyde (February 23, 1996). "Talent Lost to a Failure Called Politics". The New York Times. Retrieved March 1, 2008.
  17. ^ Timiraos, Nick (March 22, 2019). "Trump Offers Fed Board Position to Economic Commentator Stephen Moore". The Wall Street Journal.
  18. ^ Borak, Donna; Vazquez, Maegan (April 4, 2019). "Trump Says He's Recommending Herman Cain to Fed". CNN.
  19. ^ PN480 — Carol J. Parry — Board of Governors of the Federal Reserve System 106th Congress (1999–2000)
  20. ^ PN569 — Larry Allan Klane — Federal Reserve System, 110th Congress (2007–2008)
  21. ^ PN1726 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  22. ^ PN2121 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  23. ^ PN52 — Peter A. Diamond — Federal Reserve System 112th Congress (2011–2012)
  24. ^ PN2 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  25. ^ PN3 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  26. ^ PN674 — Kathryn M. Dominguez — Federal Reserve System 114th Congress (2015–2016)
  27. ^ PN1279 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  28. ^ PN1348 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  29. ^ PN2543 — Jean Nellie Liang — Federal Reserve System 115th Congress (2017–2018)
  30. ^ PN1422 — Judy Shelton — Federal Reserve System 116th Congress (2019–2020)
  31. ^ PN3 — Judy Shelton — Federal Reserve System 117th Congress (2021–2022)
  32. ^ PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)
  33. ^ PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)
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