The Federal Reserve System is the central banking system of the United States. It was created on December 23,1913,with the enactment of the Federal Reserve Act,after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years,events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
The chairman of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve,and is the active executive officer of the Board of Governors of the Federal Reserve System. The chairman presides at meetings of the Board.
Susan Schmidt Bies is an American economist and corporate executive who served as a member of the Federal Reserve Board of Governors from 2001 to 2007.
Mark Walter Olson was an American economist and bank executive who served as a member of the Federal Reserve Board of Governors from 2001 to 2006. Filling an unexpired term to end on January 31,2010,he resigned on June 21,2006,in order to run the Public Company Accounting Oversight Board.
The Federal Reserve Bank of Kansas City is located in Kansas City,Missouri,and covers the 10th District of the Federal Reserve,which includes Colorado,Kansas,Nebraska,Oklahoma,Wyoming,and portions of western Missouri and northern New Mexico. It is second only to the Federal Reserve Bank of San Francisco in size of geographic area served. Missouri is the only state with two main Federal Reserve Banks;the other is located in St. Louis.
The Federal Reserve Bank of Atlanta,,is the sixth district of the 12 Federal Reserve Banks of the United States and is headquartered in midtown Atlanta,Georgia.
Cathy E. Minehan was President and Chief Executive Officer of the Federal Reserve Bank of Boston from 1994 until her retirement in July 2007. Minehan also served as a member of the Federal Open Market Committee,the body responsible for U.S. monetary policy. She was "appointed Dean of the School of Management of Simmons College,a private university,in August 2011 and is Managing Director of Arlington Advisory Partners,a private advisory services firm."
Frederic Stanley "Rick" Mishkin is an American economist and Alfred Lerner professor of Banking and Financial Institutions at the Graduate School of Business,Columbia University. He was a member of the Federal Reserve Board of Governors from 2006 to 2008.
Sung Won Sohn is a Korean-born American economist,noted for his skill in economic forecasting. He is currently Professor of Finance and Real Estate at Loyola Marymount University and President of SS Economics,an economic consulting firm.
Charles H. Noski was the Chairman of the Board of Directors of Wells Fargo &Company from March 2020 to August 2021. He previously held a variety of positions,including the position of CFO at AT&T,Bank of America,and Northrop Grumman,as well as the positions of director and chairman of the audit committee of Microsoft.
Sandra Pianalto is an economist. She previously served as the tenth chief executive of the Fourth District Federal Reserve Bank,at Cleveland from 2003 to 2014.
John Gerard Stumpf is an American business executive and retail banker. He was the chairman and chief executive officer of Wells Fargo,one of the Big Four banks of the United States. He was named CEO in June 2007,elected to the board of directors in June 2006,and named president in August 2005. He became chairman in January 2010. Stumpf resigned as chairman and CEO of Wells Fargo on October 12,2016,after a scandal involving customer accounts and subsequent pressure from the public and lawmakers. He was succeeded by Timothy J. Sloan.
Daniel K. Tarullo is an American law professor who served as a member of the Federal Reserve Board of Governors from 2009 to 2017. Tarullo concurrently served as the chairman of the Federal Financial Institutions Examination Council (FFIEC). In February 2017,he announced his intention to resign from the Board of Governors in early April 2017.
Promontory Financial Group,a wholly owned subsidiary of IBM,is a global consulting firm that advises clients on a variety of financial services matters,including regulatory issues,compliance,risk management,liquidity,restructuring,acquisitions,due diligence,internal investigations and cyber security.
The Structure of the Federal Reserve System is unique among central banks in the world,with both public and private aspects. It is described as "independent within the government" rather than "independent of government".
Sarah Bloom Raskin is an American attorney and financial markets policymaker who served as the 13th United States Deputy Secretary of the Treasury from 2014 to 2017. Raskin previously served as a member of the Federal Reserve Board of Governors from 2010 to 2014. She also was Maryland Commissioner of Financial Regulation. She was a Rubenstein Fellow at Duke University. She is currently the Colin W. Brown Distinguished Professor of the Practice of Law at Duke Law School. She is also a Senior Fellow at the Duke Center on Risk. She also serves as a Partner at Kaya Partners,Ltd.,a climate advisory firm.
Loretta J. Mester was president and CEO of the Federal Reserve Bank of Cleveland.
Edward Everard Goodwyn was a Southside Virginia militia leader and real estate and insurance executive who served as a Democratic short-term member of the Virginia Senate representing his native Greensville,Suffolk and Surry Counties. Goodwyn was appointed to the unexpired term of state senator Garland Gray when Gray announced his resignation citing family business obligations. Two years later,Goodwyn announced his retirement,Gray entered the race and was again elected to his former seat.
Robert P. Black,a native of Hickman,Kentucky,was the fifth president (1973–1992) of the Federal Reserve Bank of Richmond,the headquarters of the Fifth District of the Federal Reserve System. He was preceded in that position by Aubrey N. Heflin and succeeded by J. Alfred Broaddus (1993–2004) and Jeffrey Lacker.
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve,after the chair of the Federal Reserve. In the absence of the chair,the vice chair presides over the meetings Board of Governors of the Federal Reserve System.
