![]() Seal of the Federal Reserve System | |
![]() Flag of the Federal Reserve System | |
![]() The Eccles Building in Washington, D.C., which serves as the Federal Reserve System's headquarters | |
Headquarters | Eccles Building, Washington, D.C., U.S. |
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Established | December 23, 1913 |
Governing body | Board of Governors |
Key people | |
Central bank of | United States |
Currency | United States dollar USD (ISO 4217) |
Reserve requirements | None [1] |
Bank rate | 4.25% [2] |
Interest rate target | 4.00-4.25% [3] |
Interest on reserves | 4.15% [4] |
Interest paid on excess reserves? | Yes |
Website | www |
Federal Reserve Board of Governors | |
Agency overview | |
Jurisdiction | Federal government of the United States |
Child agency | |
Key document |
This article is part of a series on |
Banking in the United States |
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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 of America. 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 Jerome Powell; the current vice chair is Philip Jefferson. The Federal Reserve Board is headquartered in the Eccles Building on Constitution Avenue, N.W. in Washington, D.C.
Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms. [5] [6] By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country". [5] [6] 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. [5] [6]
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. [7] The Board is required to make an annual report of operations to the Speaker of the House. [8] 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. [9]
Membership is by statute limited in term, and a member who has served for a full 14-year term is not eligible for reappointment. [10] However, individuals have been appointed to serve the remainder of another member's uncompleted term and thereafter reappointed to serve a full 14-year term. [10] 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", [10] 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". [10]
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. [5]
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). [11]
Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives and Records Administration. [12]
The current members of the Board of Governors are as follows: [13]
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) | |||
![]() | Michelle Bowman (Vice Chair for Supervision) | Republican | June 9, 2025 (as vice chair) | June 9, 2029 (as vice chair) |
November 26, 2018 (as governor) February 1, 2020 (reappointment) | January 31, 2034 (as governor) | |||
![]() | Christopher Waller | Republican | December 18, 2020 | January 31, 2030 |
![]() | Lisa Cook [a] | Democratic | May 23, 2022 February 1, 2024 (reappointment) | January 31, 2038 |
![]() | Michael Barr | Democratic | July 19, 2022 | January 31, 2032 |
![]() | Stephen Miran | Republican | September 16, 2025 | January 31, 2026 |
There are eight committees. [15]
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. [16]
Status
Name | Regional Bank | Term start | Term end | Tenure length | Initial appointment | Departure reason |
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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 | Term expired |
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 | 13 years, 127 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 | 6 years, 307 days | Trump | Incumbent |
Chris Waller | Minneapolis | December 18, 2020 | January 31, 2030 | 4 years, 285 days | Trump | Incumbent |
Lisa Cook | Atlanta | May 23, 2022 | January 31, 2038 [17] | 3 years, 129 days | Biden | Incumbent |
Philip Jefferson | New York | May 23, 2022 | January 31, 2036 | 3 years, 129 days | Biden | Incumbent |
Michael Barr | Chicago | July 19, 2022 | January 31, 2032 | 3 years, 72 days | Biden | Incumbent |
Adriana Kugler | Richmond | September 13, 2023 | August 8, 2025 | 1 year, 329 days | Biden | Resigned |
Stephen Miran | Richmond | September 16, 2025 | January 31, 2026 | 13 days | Trump | Incumbent |
The Federal Reserve Board has seven seats subject to Senate confirmation, separate from a member's term as chair or vice chair. [16] [18] [19] [20]
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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. [16]
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In late December 2011, President Barack Obama nominated Jeremy C. Stein, a Harvard University finance professor and a Democrat, and Jerome Powell, formerly of Dillon Read, Bankers Trust [21] and The Carlyle Group [22] and a Republican. Both candidates also have Treasury Department experience in the Obama and George H. W. Bush administrations respectively. [21]
"Obama administration officials [had] regrouped to identify Fed candidates after Peter Diamond, a Nobel Prize-winning economist, withdrew his nomination to the board in June [2011] in the face of Republican opposition. Richard Clarida, a potential nominee who was a Treasury official under George W. Bush, pulled out of consideration in August [2011]", one account of the December nominations noted. [23] The two other Obama nominees in 2011, Janet Yellen and Sarah Bloom Raskin, [24] were confirmed in September. [25] 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. [26] [27] 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. [28] 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 2006 [29] with 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. [30] Subsequently, President Obama nominated Stanley Fischer to replace Yellen as the vice-chair. [31]
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." [32]
Allan R. Landon, former president and CEO of the Bank of Hawaii, was nominated in early 2015 by President Obama to the board. [33]
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. [34]
Daniel Tarullo submitted his resignation from the board on February 10, 2017, effective on or around April 5, 2017. [35]
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. [36] Felix Rohatyn (district unknown) was announced to fill Alan Blinder's as vice chair and his seat in 1996. [37] 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. [38] [39]
Nominee | Regional Bank | Year | Vacancy | President | Outcome |
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Carol Parry | Chicago | 1999 | Susan Phillips | Bill Clinton | No action [40] |
Larry Klane | Richmond | 2007 | Mark Olson | George W. Bush | No action [41] |
Peter Diamond | Chicago | 2010 | Rick Mishkin | Barack Obama | No action [42] |
No action [43] | |||||
2011 | Withdrawn [44] | ||||
Allan Landon | San Francisco | 2015 | Sarah Bloom Raskin | Barack Obama | No action [45] [46] |
Kathryn M. Dominguez | Chicago | 2015 | Jeremy Stein | Barack Obama | No action [47] |
Marvin Goodfriend | Philadelphia | 2017 | Sarah Bloom Raskin | Donald Trump | No action [48] |
2018 | No action [49] | ||||
Nellie Liang | Chicago | 2018 | Janet Yellen | Donald Trump | No action [50] |
Judy Shelton | San Francisco | 2020 | Janet Yellen | Donald Trump | No action [51] |
2021 | Withdrawn [52] | ||||
Sarah Bloom Raskin | Not specified | 2022 | Randy Quarles | Joe Biden | Withdrawn [53] [54] |
Until a court rules otherwise, Ms. Cook is still an active governor at the Fed. The central bank stipulated as much in a rare statement related to the president's recent actions against the institution and its members.
This article incorporates public domain material from websites or documents of the National Archives and Records Administration .