Federal Reserve Board of Governors

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 of the United States. It oversees the Federal Reserve Banks and the implementation of the monetary policy of the United States.

Each governor is appointed by the president of the United States and confirmed by the Senate to staggered 14-year terms, such that the tenures of all seven members span multiple presidential and congressional terms. Members who have served a full term are not eligible for reappointment, although governors who were initially appointed to serve an uncompleted term may be reappointed to a full term.

All seven board members of the Federal Reserve Board of Governors, along with the five Federal Reserve Bank presidents, are members of the Federal Open Market Committee, which directs the open market operations that sets monetary policy. The law provides for the removal of a member of the board by the president "for cause".

The chair and vice chair are appointed by the president from among the sitting Governors. They both serve a four-year term and can be renominated by the president as many times until their terms on the board expire. The current chair is Kevin Warsh. The Federal Reserve Board is headquartered in the Eccles Building on Constitution Avenue, N.W. in Washington, D.C.

Statutory description

thumb|upright=1|A Board of Governors meeting in April 2019

Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country". The board is required to make an annual report of operations to the speaker of the House. 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, though net earnings of the Federal Reserve Banks are ultimately remitted to the US Treasury.

Membership is by statute limited in term, and a member who has served for a full 14-year term is not eligible for reappointment.

The chair, vice chair, and vice chair for supervision of the Board of Governors are appointed by the president from among the sitting governors. They each 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.

Records of the Federal Reserve Board of Governors are found in the Record Group number 82 at the National Archives and Records Administration.

Current members

The current members of the Board of Governors are as follows:

Committees

thumb|upright=1.1|A Board of Governors meeting on January 1, 1922

There are eight committees.

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

thumb|upright=1.1|The Federal Reserve Board of Governors in 2022

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 a member who serves a full term may not be reappointed; when a governor completes an unexpired portion of a term, they may be reappointed. Since the Federal Reserve was established in 1914, the following people have served as governor.

Status

Italics denotes date of term expiration

{|class="wikitable sortable" font=70%"

!Name

!Regional Bank

!Start

!End

!Duration

!colspan=2 |Initial appointer

!Departure reason

|Boston

|rowspan=10 style="background: ;" |

|rowspan=10 |

|Retired

|New York

|Term expired

|Chicago

|Resigned

|Atlanta

|Term expired

|rowspan=2 |

|San Francisco

|rowspan=2 |

|rowspan=2 |Retired

|Richmond

|New York

|Resigned

|Chicago

|0 years,

|Term expired

|New York

|Resigned

|Cleveland

|0 years,

|Term expired

|Minneapolis

|rowspan=5 style="background: ;" |

|rowspan=5 |

|Resigned

|Chicago

|0 years,

|Died in office

|Cleveland

|Resigned

|Chicago

|Died in office

|St. Louis

|Retired

|Minneapolis

|style="background: ;" |

|

|Resigned

|New York

|rowspan=2 style="background: ;" |

|rowspan=2 |

|Resigned

|Kansas City

|Term expired

|Atlanta

|rowspan=11 style="background: ;" |

|rowspan=11 |

|Resigned

|Chicago

|Resigned

|Kansas City

|Retired

|San Francisco

|Resigned

|New York

|Resigned

|Cleveland

|Retired

|Atlanta

|Died in office

|Dallas

|0 years,

|Resigned

|Richmond

|Resigned

|New York

|Retired

|Richmond

|Retired

|St. Louis

|rowspan=8 style="background: ;" |

|rowspan=8 |

|Resigned

|Boston

|Died in office

|Philadelphia

|Resigned

|Atlanta

|Resigned

|Minneapolis

|Resigned

|New York

|Term expired

|San Francisco

|Resigned

|Kansas City

|Resigned

|Philadelphia

|rowspan=4 style="background: ;" |

|rowspan=4 |

|Retired

|Minneapolis

|0 years,

|Died in office

|Dallas

|Retired

|Atlanta

|Resigned

|Chicago

|rowspan=2 style="background: ;" |

|rowspan=2 |

|Retired

|Richmond

|Retired

|San Francisco

|rowspan=3 style="background: ;" |

|rowspan=3 |

|Retired

|Philadelphia

|Resigned

|Dallas

|Resigned

|New York

|rowspan=5 style="background: ;" |

|rowspan=5 |

|Resigned

|St. Louis

|Resigned

|San Francisco

|Resigned

|Kansas City

|Resigned

|Boston

|Resigned

|Dallas

|rowspan=5 style="background: ;" |

|rowspan=5 |

|Retired

|Atlanta

|Resigned

|Richmond

|Retired

|Philadelphia

|Died in office

|Minneapolis

|Term expired

|San Francisco

|rowspan=6 style="background: ;" |

|rowspan=6 |

|Resigned

|Chicago

|Resigned

|New York

|Resigned

|Atlanta

|Resigned

|Philadelphia

|Resigned

|Kansas City

|Resigned

|San Francisco

|rowspan=8 style="background: ;" |

|rowspan=8 |

|Resigned

|Chicago

|Resigned

|Kansas City

|Resigned

|Richmond

|Resigned

|San Francisco

|Resigned

|Dallas

|Resigned

|New York

|Term expired

|Boston

|Resigned

|St. Louis

|rowspan=3 style="background: ;" |

|rowspan=3 |

|Resigned

|Richmond

|Resigned

|Chicago

|Resigned

|Philadelphia

|rowspan=6 style="background: ;" |

|rowspan=6 |

|Term expired

|San Francisco

|Resigned

|St. Louis

|Term expired

|Philadelphia

|Resigned

|Boston

|Resigned

|Richmond

|Resigned

|Chicago

|rowspan=9 style="background: ;" |

|rowspan=9 |

|Resigned

|Minneapolis

|Resigned

|Atlanta

|Resigned

|Kansas City

|Resigned

|Atlanta

|Resigned

|New York

|Resigned

|Richmond

|Resigned

|Boston

|Resigned

|Philadelphia

|Resigned

|Boston

|rowspan=7 style="background: ;" |

|rowspan=7 |

|Resigned

|Richmond

|Resigned

|San Francisco

|Resigned

|- style="background:#ffec8b;"

|Philadelphia

|Incumbent

|Chicago

|Resigned

|New York

|Resigned

|Richmond

|Resigned

|Kansas City

|rowspan=4 style="background: ;" |

|rowspan=4 |

|Resigned

|Boston

|Resigned

|- style="background:#ffec8b;"

|St. Louis

|Incumbent

|- style="background:#ffec8b;"

|Minneapolis

|Incumbent

|style="background:#ffec8b;" |

|style="background:#ffec8b;" |Atlanta

|style="background:#ffec8b;" |

|style="background:#ffec8b;" |'

|style="background:#ffec8b;" |

|rowspan=4 style="background: ;" |

|rowspan=4 |

|style="background:#ffec8b;" |Incumbent

|- style="background:#ffec8b;"

|New York

|Incumbent

|- style="background:#ffec8b;"

|Chicago

|Incumbent

|Richmond

|Resigned

|Richmond

|0 years,

|rowspan=2 style="background: ;" |

|rowspan=2 |

|Term expired

|- style="background:#ffec8b;"

|San Francisco

|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.

{|class="wikitable"

!colspan=2 style="background:#fff;" |Seat 1

|colspan=2 style="background: #FFB90F;" |

|Hamlin

|August 10, 1914 – February 3, 1936

|colspan=2 style="background: #FFB90F;" |

|Morrison

|February 10, 1936 – July 9, 1936

|Clayton

|February 14, 1947 – December 4, 1949

|O. Powell

|September 1, 1950 – June 30, 1952

|Balderston

|August 12, 1954 – February 28, 1966

|Brimmer

|March 9, 1966 – August 31, 1974

|Coldwell

|October 29, 1974 – February 29, 1980

|Gramley

|May 28, 1980 – September 1, 1985

|Angell

|February 7, 1986 – February 9, 1994

|Yellen

|August 12, 1994 – February 17, 1997

|Gramlich

|November 5, 1997 – August 31, 2005

|Kroszner

|March 1, 2006 – January 21, 2009

|Tarullo

|January 28, 2009 – April 5, 2017

|Clarida

| January 14, 2022

|Jefferson

|May 23, 2022 – present

{|class="wikitable"

!colspan=2 style="background:#fff;" |Seat 2

|colspan=2 style="background: #FFB90F;" |

|Warburg

|August 10, 1914 – August 9, 1918

|Strauss

|October 26, 1918 – March 15, 1920

|Platt

|June 8, 1920 – September 14, 1930

|E. Meyer

| May 10, 1933

|Black

|May 19, 1933 – August 15, 1934

|Eccles

|November 15, 1934 – February 1, 1936

|colspan=2 style="background: #FFB90F;" |

|Davis

|June 25, 1936 – April 15, 1941

|Evans

|March 14, 1942 – August 13, 1954

|P. Miller

|August 13, 1954 – October 21, 1954

|Shepardson

|March 17, 1955 – April 30, 1967

|Sherrill

|May 1, 1967 – November 15, 1971

|Sheehan

|January 4, 1972 – June 1, 1975

|Jackson

|July 14, 1975 – November 17, 1978

|Schultz

|July 27, 1979 – February 11, 1982

|P. Martin

|March 31, 1982 – April 30, 1986

|Heller

|August 19, 1986 – July 31, 1989

|Mullins

|May 21, 1990 – February 14, 1994

|Blinder

|June 27, 1994 – January 31, 1996

|Rivlin

|June 25, 1996 – July 16, 1999

|Olson

|December 7, 2001 – June 30, 2006

|Yellen

|October 4, 2010 – February 3, 2018

|Cook

|May 23, 2022 – present

{|class="wikitable"

!colspan=2 style="background:#fff;" |Seat 3

|colspan=2 style="background: #FFB90F;" |

|Delano

|August 10, 1914 – July 21, 1918

|Moehlenpah

|November 10, 1919 – August 9, 1920

|Wills

|September 29, 1920 – March 4, 1921

|J. Mitchell

|May 12, 1921 – May 12, 1923

|James

|May 14, 1923 – February 3, 1936

|colspan=2 style="background: #FFB90F;" |

|Ransom

|February 3, 1936 – December 2, 1947

|McCabe

|April 15, 1948 – March 31, 1951

|W. Martin

|April 2, 1951 – January 31, 1970

|Burns

|February 1, 1970 – March 31, 1978

|Teeters

| June 27, 1984

|Seger

|July 2, 1984 – March 11, 1991

|Phillips

|December 2, 1991 – June 30, 1998

|Bies

|December 7, 2001 – March 30, 2007

|Duke

|August 5, 2008 – August 31, 2013

|Brainard

|June 16, 2014 – February 18, 2023

|Kugler

|September 13, 2023 – August 8, 2025

|Miran

|September 16, 2025 – May 22, 2026

|Warsh

|May 22, 2026 – present

{|class="wikitable"

!colspan=2 style="background:#fff;" |Seat 4

|colspan=2 style="background: #FFB90F;" |

|Harding

|August 10, 1914 – August 9, 1922

|Crissinger

|May 1, 1923 – September 15, 1927

|Young

|October 4, 1927 – August 31, 1930

|Szymczak

|June 14, 1933 – February 1, 1936

|colspan=2 style="background: #FFB90F;" |

|Eccles

|February 1, 1936 – July 14, 1951

|Mills

|February 18, 1952 – February 28, 1965

|Maisel

|April 30, 1965 – May 31, 1972

|Bucher

|June 5, 1972 – January 2, 1976

|Partee

|January 5, 1976 – February 7, 1986

|Johnson

|February 7, 1986 – August 3, 1990

|Lindsey

| February 5, 1997

|Ferguson

|November 5, 1997 – April 28, 2006

|Mishkin

|September 5, 2006 – August 31, 2008

|J. Powell

|May 25, 2012 – present

{|class="wikitable"

!colspan=2 style="background:#fff;" |Seat 5

|colspan=2 style="background: #FFB90F;" |

|A. Miller

|August 10, 1914 – February 3, 1936

|colspan=2 style="background: #FFB90F;" |

|McKee

|February 3, 1936 – April 4, 1946

|Vardaman

|April 4, 1946 – November 30, 1958

|King

|March 25, 1959 – September 18, 1963

|Daane

|November 29, 1963 – March 4, 1974

|Wallich

|March 8, 1974 – December 15, 1986

|LaWare

|August 15, 1988 – April 30, 1995

|L. Meyer

|June 24, 1996 – January 31, 2002

|Kohn

|August 5, 2002 – September 1, 2010

|Bloom Raskin

|October 4, 2010 – March 13, 2014

|Waller

| present

{|class="wikitable"

!colspan=2 style="background:#fff;" |Seat 6

|colspan=2 style="background: #FFB90F;" |

|Campbell

|March 14, 1923 – March 22, 1923

|Cunningham

|May 14, 1923 – November 28, 1930

|Magee

|May 18, 1931 – January 24, 1933

|Thomas

|June 14, 1933 – February 10, 1936

|colspan=2 style="background: #FFB90F;" |

|Szymczak

|February 10, 1936 – May 31, 1961

|G. Mitchell

|August 31, 1961 – February 13, 1976

|Gardner

| November 19, 1978

|Rice

|June 20, 1979 – December 31, 1986

|Kelley

|May 26, 1987 – December 31, 2001

|Bernanke

|August 5, 2002 – June 21, 2005

|Warsh

|February 24, 2006 – April 2, 2011

|Stein

|May 30, 2012 – May 28, 2014

|Quarles

|October 13, 2017 – December 25, 2021

|Barr

|July 19, 2022 – present

{|class="wikitable"

!colspan=2 style="background:#fff;" |Seat 7

|colspan=2 style="background: #FFB90F;" |

|Broderick

|February 13, 1936 – September 30, 1937

|Draper

|March 30, 1938 – September 1, 1950

|Norton

|September 1, 1950 – January 31, 1952

|Robertson

|February 18, 1952 – April 30, 1973

|Holland

|June 11, 1973 – May 15, 1976

|Lilly

|June 1, 1976 – February 24, 1978

|G. W. Miller

|March 8, 1978 – August 9, 1979

|Volcker

|August 9, 1979 – August 11, 1987

|Greenspan

|August 11, 1987 – January 31, 2006

|Bernanke

|February 1, 2006 – January 31, 2014

|Fischer

|May 28, 2014 – October 16, 2017

|Bowman

| present

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. and the Carlyle Group, a Republican. Both candidates also have Treasury Department experience in the Obama and George H. W. Bush administrations respectively. The two other Obama nominees in 2011, Janet Yellen and Sarah Bloom Raskin, were confirmed in September. One of the vacancies was created in 2011 with the resignation of Kevin Warsh, who took office in 2006 to fill the unexpired term ending January 31, 2018, and resigned his position effective March 31, 2011. In March 2012, U.S. senator David Vitter (R, LA) said he would oppose Obama's Stein and Powell nominations, dampening near-term hopes for approval. However, Senate leaders reached a deal, paving the way for affirmative votes on the two nominees in May 2012 and bringing the board to full strength for the first time since 2006with Duke's service after term end. Later, on January 6, 2014, the United States Senate confirmed Yellen's nomination to be chair of the Federal Reserve Board of Governors; she was the first woman to hold the position. Subsequently, President Obama nominated Stanley Fischer to replace Yellen as the vice-chair.

In April 2014, Stein announced he was leaving to return to Harvard on May 28 with four years remaining on his term. At the time of the announcement, the FOMC "already is down three members as it awaits the Senate confirmation of ... Fischer and Lael Brainard, and as [President] Obama has yet to name a replacement for ... Duke. ... Powell is still serving as he awaits his confirmation for a second term."

Allan R. Landon, former president and CEO of the Bank of Hawaii, was nominated in early 2015 by President Obama to the board.

In July 2015, President Obama nominated University of Michigan economist Kathryn M. Dominguez to fill the second vacancy on the board. The Senate had not yet acted on Landon's confirmation by the time of the second nomination.

Daniel Tarullo submitted his resignation from the board on February 10, 2017, effective on or around April 5, 2017.

Unsuccessful

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. Felix Rohatyn (district unknown) was announced to fill Alan Blinder's as vice chair and his seat in 1996. 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.

{|class="wikitable sortable"

!Nominee

!Regional Bank

!Year

!Vacator

!President

!Outcome

|Chicago

|1999

|No action

|Richmond

|2007

|No action

|rowspan=3 |

|rowspan=3 |Chicago

|rowspan=2 |2010

|rowspan=3 |

|No action

|2011

|Withdrawn

|San Francisco

|2015

|No action

|Chicago

|2015

|No action

|rowspan=2 |

|rowspan=2 |Philadelphia

|2017

|rowspan=2 |

|No action

|2018

|No action

|Chicago

|2018

|No action

|rowspan=2 |

|rowspan=2 |San Francisco

|2020

|rowspan=2 |

|No action

|2021

|Withdrawn

|Not specified

|2022

|Withdrawn

References

External links

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

Statutory description

Current members

Committees

List of governors

Succession of seats

Structure of leadership

Unsuccessful

See also

References

External links