Federal Reserve Board of Governors

Last updated
Federal Reserve Board of Governors
Marriner S. Eccles Federal Reserve Board Building.jpg
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.

Contents

Statutory description

A Board of Governors meeting in April 2019 Federal Reserve Governors meeting April 2019 (47679887231).jpg
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

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

PortraitCurrent governorPartyTerm startTerm expires
Jerome H. Powell, Federal Reserve Chair.jpg 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)
Jefferson Philip BDM June 16 22-091 8x10 (52247534443).jpg 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 (cropped).jpg 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 J. Waller, Federal Reserve Governor 2.jpg Christopher Waller Republican December 18, 2020January 31, 2030
Lisa D. Cook, Federal Reserve Governor.jpg Lisa Cook [a] Democratic May 23, 2022
February 1, 2024 (reappointment)		January 31, 2038
Michael S. Barr, Federal Reserve Member.jpg Michael Barr Democratic July 19, 2022January 31, 2032
Stephen Miran Spain.png Stephen Miran Republican September 16, 2025January 31, 2026
  1. ↑ On August 25, 2025, President Donald Trump announced that he was removing Cook from the Federal Reserve Board of Governors, citing alleged misconduct. Federal law allows governors to be removed only “for cause,” a provision intended to protect the central bank’s independence. Cook disputed the allegations and filed suit in federal court, arguing that her dismissal was unlawful and politically motivated. As litigation proceeds, she remains legally considered an active governor, [10] pending a judicial ruling on whether the president had authority to remove her.

Committees

A Board of Governors meeting on January 1, 1922 US Federal Reserve Board of Governors meeting 1922.jpg
A Board of Governors meeting on January 1, 1922

There are eight committees. [11]

List of governors

The Federal Reserve Board of Governors in 2022 Federal Reserve Board of Governors 2022 (52227599870).jpg
The Federal Reserve Board of Governors in 2022
Current and living former governors as of May 1, 2014 BDM ALL cent grp 121613 0518 02819 (14083677154).jpg
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. [12]

Status

  Denotes a current member
NameRegional BankTerm startTerm endTenure lengthInitial
appointment		Departure reason
Charles Hamlin Boston August 10, 1914February 3, 193621 years, 177 days Wilson Retired
Paul Warburg New York August 10, 1914August 9, 19183 years, 364 days Wilson Term expired
Frederic Delano Chicago August 10, 1914July 21, 19183 years, 345 days Wilson Resigned
William Harding Atlanta August 10, 1914August 9, 19227 years, 364 days Wilson Term expired
Adolph Miller San Francisco
(1914–1934)		August 10, 1914February 3, 193621 years, 177 days Wilson Retired
Richmond
(1934–1936)
Albert Strauss New York October 26, 1918March 15, 19201 year, 141 days Wilson Resigned
Henry Moehlenpah Chicago November 10, 1919August 9, 19200 years, 273 days Wilson Term expired
Edmund Platt New York June 20, 1920September 14, 193010 years, 86 days Wilson Resigned
David Wills Cleveland September 20, 1920March 4, 19210 years, 165 days Wilson Term expired
John Mitchell Minneapolis May 12, 1921May 12, 19232 years, 0 days Harding Resigned
Milo Campbell Chicago March 14, 1923March 22, 19230 years, 8 days Harding Died in office
Daniel Crissinger Cleveland May 1, 1923September 15, 19274 years, 137 days Harding Resigned
Edward Cunningham Chicago May 14, 1923November 28, 19307 years, 198 days Harding Died in office
George James St. Louis May 14, 1923February 3, 193612 years, 265 days Harding Retired
Roy Young Minneapolis October 4, 1927August 31, 19302 years, 331 days Coolidge Resigned
Eugene Meyer New York September 16, 1930May 10, 19332 years, 236 days Hoover Resigned
Wayland Magee Kansas City May 18, 1931January 24, 19331 year, 251 days Hoover Term expired
Eugene Black Atlanta May 19, 1933August 15, 19341 year, 88 days F. Roosevelt Resigned
Menc Szymczak Chicago June 14, 1933May 31, 196127 years, 351 days F. Roosevelt Resigned
John Thomas Kansas City June 14, 1933February 10, 19362 years, 241 days F. Roosevelt Retired
Marriner Eccles San Francisco November 15, 1934July 14, 195116 years, 241 days F. Roosevelt Resigned
Joseph Broderick New York February 3, 1936September 30, 19371 year, 239 days F. Roosevelt Resigned
John McKee Cleveland February 3, 1936April 4, 194610 years, 60 days F. Roosevelt Retired
Ronald Ransom Atlanta February 3, 1936December 2, 194711 years, 302 days F. Roosevelt Died in office
Ralph Morrison Dallas February 10, 1936July 9, 19360 years, 150 days F. Roosevelt Resigned
Chester Davis Richmond June 25, 1936April 15, 19414 years, 294 days F. Roosevelt Resigned
Ernest Draper New York March 30, 1938September 1, 195012 years, 155 days F. Roosevelt Retired
Rudolph Evans Richmond March 14, 1942August 13, 195412 years, 152 days F. Roosevelt Retired
Jake Vardaman St. Louis April 4, 1946November 30, 195812 years, 240 days Truman Resigned
Larry Clayton Boston February 14, 1947December 4, 19492 years, 293 days Truman Died in office
Thomas McCabe Philadelphia April 15, 1948March 31, 19512 years, 350 days Truman Resigned
Edward Norton Atlanta September 1, 1950January 31, 19521 year, 152 days Truman Resigned
Oliver S. Powell Minneapolis September 1, 1950June 30, 19521 year, 303 days Truman Resigned
Bill Martin New York April 2, 1951January 31, 197018 years, 304 days Truman Term expired
Abbot Mills San Francisco February 18, 1952February 28, 196513 years, 10 days Truman Resigned
James Robertson Kansas City February 18, 1952April 30, 197321 years, 71 days Truman Resigned
Canby Balderston Philadelphia August 12, 1954February 28, 196611 years, 200 days Eisenhower Retired
Paul Miller Minneapolis August 13, 1954October 21, 19540 years, 69 days Eisenhower Died in office
Charles Shepardson Dallas March 17, 1955April 30, 196712 years, 44 days Eisenhower Retired
George King Atlanta March 25, 1959September 18, 19634 years, 177 days Eisenhower Resigned
George Mitchell Chicago August 31, 1961February 13, 197614 years, 166 days Kennedy Retired
Dewey Daane Richmond November 29, 1963March 8, 197410 years, 99 days Kennedy Retired
Sherman Maisel San Francisco April 30, 1965May 31, 19727 years, 31 days Johnson Retired
Andrew Brimmer Philadelphia March 9, 1966August 31, 19748 years, 175 days Johnson Resigned
William Sherrill Dallas May 1, 1967November 15, 19714 years, 198 days Johnson Resigned
Arthur Burns New York January 31, 1970March 31, 19788 years, 59 days Nixon Resigned
John Sheehan St. Louis January 4, 1972June 1, 19753 years, 148 days Nixon Resigned
Jeffrey Bucher San Francisco June 5, 1972January 2, 19763 years, 211 days Nixon Resigned
Robert Holland Kansas City June 11, 1973May 15, 19762 years, 339 days Nixon Resigned
Henry Wallich Boston March 8, 1974December 15, 198612 years, 282 days Nixon Resigned
Philip Coldwell Dallas October 29, 1974February 29, 19805 years, 123 days Ford Retired
Philip Jackson Atlanta July 14, 1975November 17, 19783 years, 126 days Ford Resigned
Charles Partee Richmond January 5, 1976February 7, 198610 years, 33 days Ford Retired
Stephen Gardner Philadelphia February 13, 1976November 19, 19782 years, 279 days Ford Died in office
David Lilly Minneapolis June 1, 1976February 24, 19781 year, 268 days Ford Term expired
William Miller San Francisco March 8, 1978August 6, 19791 year, 151 days Carter Resigned
Nancy Teeters Chicago September 18, 1978June 27, 19845 years, 283 days Carter Resigned
Emmett Rice New York June 20, 1979December 31, 19867 years, 194 days Carter Resigned
Frederick Schultz Atlanta July 27, 1979February 11, 19822 years, 199 days Carter Resigned
Paul Volcker Philadelphia August 6, 1979August 11, 19878 years, 5 days Carter Resigned
Lyle Gramley Kansas City May 28, 1980September 1, 19855 years, 96 days Carter Resigned
Preston Martin San Francisco March 31, 1982April 30, 19864 years, 30 days Reagan Resigned
Martha Seger Chicago July 2, 1984March 11, 19916 years, 252 days Reagan Resigned
Wayne Angell Kansas City February 7, 1986February 9, 19948 years, 2 days Reagan Resigned
Manley Johnson Richmond February 7, 1986August 3, 19904 years, 177 days Reagan Resigned
Robert Heller San Francisco August 19, 1986July 31, 19892 years, 346 days Reagan Resigned
Edward W. Kelley Dallas May 26, 1987December 31, 200114 years, 219 days Reagan Resigned
Alan Greenspan New York August 11, 1987January 31, 200618 years, 173 days Reagan Term expired
John LaWare Boston August 15, 1988April 30, 19956 years, 258 days Reagan Resigned
David Mullins St. Louis May 21, 1990February 14, 19943 years, 269 days G. H. W. Bush Resigned
Larry Lindsey Richmond November 26, 1991February 5, 19975 years, 71 days G. H. W. Bush Resigned
Susan Phillips Chicago December 2, 1991June 30, 19986 years, 210 days G. H. W. Bush Resigned
Alan Blinder Philadelphia June 27, 1994January 31, 19961 year, 218 days Clinton Term expired
Janet Yellen San Francisco August 12, 1994February 17, 19972 years, 189 days Clinton Resigned
Laurence Meyer St. Louis June 24, 1996January 31, 20025 years, 221 days Clinton Term expired
Alice Rivlin Philadelphia June 25, 1996July 16, 19993 years, 21 days Clinton Resigned
Roger Ferguson Boston November 5, 1997April 28, 20068 years, 174 days Clinton Resigned
Edward Gramlich Richmond November 5, 1997August 31, 20057 years, 299 days Clinton Resigned
Susan Bies Chicago December 7, 2001March 30, 20075 years, 113 days G. W. Bush Resigned
Mark W. Olson Minneapolis December 7, 2001June 30, 20064 years, 205 days G. W. Bush Resigned
Ben Bernanke Atlanta August 5, 2002June 21, 20052 years, 320 days G. W. Bush Resigned
Don Kohn Kansas City August 5, 2002September 1, 20108 years, 27 days G. W. Bush Resigned
Ben Bernanke Atlanta February 1, 2006January 31, 20147 years, 364 days G. W. Bush Resigned
Kevin Warsh New York February 24, 2006April 2, 20115 years, 37 days G. W. Bush Resigned
Randall Kroszner Richmond March 1, 2006January 21, 20092 years, 326 days G. W. Bush Resigned
Rick Mishkin Boston September 5, 2006August 31, 20081 year, 361 days G. W. Bush Resigned
Betsy Duke Philadelphia August 5, 2008August 31, 20135 years, 26 days G. W. Bush Resigned
Dan Tarullo Boston January 28, 2009April 5, 20178 years, 67 days Obama Resigned
Sarah Bloom Raskin Richmond October 4, 2010March 13, 20143 years, 160 days Obama Resigned
Janet Yellen San Francisco October 4, 2010February 3, 20187 years, 122 days Obama Resigned
Jay Powell Philadelphia May 25, 2012January 31, 202813 years, 115 days Obama Incumbent
Jeremy Stein Chicago May 30, 2012May 28, 20141 year, 363 days Obama Resigned
Stan Fischer New York May 28, 2014October 13, 20173 years, 138 days Obama Resigned
Lael Brainard Richmond June 16, 2014February 18, 20238 years, 247 days Obama Resigned
Randy Quarles Kansas City October 13, 2017December 25, 20214 years, 73 days Trump Resigned
Richard Clarida Boston September 17, 2018January 14, 20223 years, 119 days Trump Resigned
Miki Bowman St. Louis November 26, 2018January 31, 20346 years, 295 days Trump Incumbent
Chris Waller Minneapolis December 18, 2020January 31, 20304 years, 273 days Trump Incumbent
Lisa Cook Atlanta May 23, 2022January 31, 2038 [13] 3 years, 117 days Biden Incumbent
Philip Jefferson New York May 23, 2022January 31, 20363 years, 117 days Biden Incumbent
Michael Barr Chicago July 19, 2022January 31, 20323 years, 60 days Biden Incumbent
Adriana Kugler Richmond September 13, 2023August 8, 20251 year, 329 days Biden Resigned
Stephen Miran Richmond September 16, 2023January 31, 20261 day Trump 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. [12] [14] [15] [16]

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. [12]

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. [17] Felix Rohatyn (district unknown) was announced to fill Alan Blinder's as vice chair and his seat in 1996. [18] 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. [19] [20]

NomineeRegional BankYearVacancyPresidentOutcome
Carol Parry Chicago 1999 Susan Phillips Bill Clinton No action [21]
Larry Klane Richmond 2007 Mark Olson George W. Bush No action [22]
Peter Diamond Chicago 2010 Rick Mishkin Barack Obama No action [23]
No action [24]
2011Withdrawn [25]
Allan Landon San Francisco 2015 Sarah Bloom Raskin Barack Obama No action [26] [27]
Kathryn M. Dominguez Chicago 2015 Jeremy Stein Barack Obama No action [28]
Marvin Goodfriend Philadelphia 2017 Sarah Bloom Raskin Donald Trump No action [29]
2018No action [30]
Nellie Liang Chicago 2018 Janet Yellen Donald Trump No action [31]
Judy Shelton San Francisco 2020 Janet Yellen Donald Trump No action [32]
2021Withdrawn [33]
Sarah Bloom Raskin Not specified2022 Randy Quarles Joe Biden Withdrawn [34] [35]

See also

References

  1. 1 2 3 4 See 12 U.S.C.   § 241
  2. 1 2 3 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. 1 2 3 4 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. ↑ Smith, Colby; Casselman, Ben (29 August 2025). "How the Future of the Fed Came to Rest on Lisa Cook". The New York Times. Retrieved 5 September 2025. 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.
  11. ↑ "About the Fed" on the Federal Reserve Board of Governors website
  12. 1 2 3 "Board of Governors Members, 1914-Present". Federal Reserve Board of Governors. Retrieved April 28, 2020.
  13. ↑ "Can Trump Fire a Fed Governor? What to Know About the Legal Arguments". The New York Times . 22 August 2025.
  14. ↑ 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.
  15. ↑ "List of Suggested Appointments to the Federal Reserve Board" (PDF). FRASER . Retrieved May 3, 2020.
  16. ↑ Engelberg, Joseph; Henriksson, Matthew; Manela, Asaf; Williams, Jared (October 29, 2019). "The Partisanship of Financial Regulators". Social Science Research Network . SSRN   3481564.
  17. ↑ "Clinton Loses A Fed Fight". Bloomberg. Retrieved 2023-05-26.
  18. ↑ Haberman, Clyde (February 23, 1996). "Talent Lost to a Failure Called Politics". The New York Times . Retrieved March 1, 2008.
  19. ↑ Timiraos, Nick (March 22, 2019). "Trump Offers Fed Board Position to Economic Commentator Stephen Moore". The Wall Street Journal .
  20. ↑ Borak, Donna; Vazquez, Maegan (April 4, 2019). "Trump Says He's Recommending Herman Cain to Fed". CNN.
  21. ↑ PN480 — Carol J. Parry — Board of Governors of the Federal Reserve System 106th Congress (1999–2000)
  22. ↑ PN569 — Larry Allan Klane — Federal Reserve System, 110th Congress (2007–2008)
  23. ↑ PN1726 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  24. ↑ PN2121 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  25. ↑ PN52 — Peter A. Diamond — Federal Reserve System 112th Congress (2011–2012)
  26. ↑ PN2 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  27. ↑ PN3 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  28. ↑ PN674 — Kathryn M. Dominguez — Federal Reserve System 114th Congress (2015–2016)
  29. ↑ PN1279 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  30. ↑ PN1348 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  31. ↑ PN2543 — Jean Nellie Liang — Federal Reserve System 115th Congress (2017–2018)
  32. ↑ PN1422 — Judy Shelton — Federal Reserve System 116th Congress (2019–2020)
  33. ↑ PN3 — Judy Shelton — Federal Reserve System 117th Congress (2021–2022)
  34. ↑ PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)
  35. ↑ PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)

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