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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.
David Matthew Kennedy was an American politician and businessman. He served as the 60th U.S. Secretary of the Treasury and later as the 8th U.S. Ambassador to NATO,both under U.S. President Richard Nixon. He was Chief Executive and Chairman of the Board of Continental Illinois during the 1950s and 1960s.
Roger W. Ferguson Jr. is an American economist,attorney and corporate executive who served as the 17th vice chairman of the Federal Reserve from 1999 to 2006. Prior to his term as vice chairman,Ferguson served as a member of the Federal Reserve Board of Governors,taking office in 1997. He was the first African-American vice chairman. After leaving the Fed,he served as president and CEO of the Teachers Insurance and Annuity Association of America (TIAA) from 2008 to 2021. Ferguson has also been appointed to the board of directors of several companies.
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 St. Louis is one of 12 regional Reserve Banks that,along with the Board of Governors in Washington,D.C.,make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks.
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."
The American Bankers Association (ABA) is a Washington,D.C.-based trade association for the U.S. banking industry,founded in 1875. They lobby for banks of all sizes and bank charters,including community banks,regional and money center banks,Federal savings associations,mutual savings banks,and trust companies. The average member bank has approximately $250 million in assets. ABA is the largest financial trade group in the United States.
Alan David Schwartz is an American businessman and is the executive chairman of Guggenheim Partners,an investment banking firm based in Chicago and New York City. He was previously the last president and chief executive officer of Bear Stearns when the Federal Reserve Bank of New York forced its March 2008 acquisition by JPMorgan Chase &Co.
Herbert Monroe Allison,Jr. was an American businessman who oversaw the Troubled Asset Relief Program (TARP) as Assistant Secretary of the Treasury for Financial Stability from 2009 to 2010. His previous positions included president and CEO of Fannie Mae,a post to which he was appointed in September 2008,after Fannie was placed into conservatorship. Prior to that,Allison was chairman,president and chief executive officer of TIAA from 2002 until his retirement in 2008.
Jeffrey M. Lacker is an American economist and was president of the Federal Reserve Bank of Richmond until April 4,2017. He was a Distinguished Professor in the Department of Economics at the Virginia Commonwealth University School of Business in Richmond,Virginia.
Thomas Michael Hoenig is a Distinguished Senior Fellow at the Mercatus Center. He became a director of the Federal Deposit Insurance Corporation on April 16,2012,and served as vice chairman from November 30,2012 to April 30,2018. From 1991 to 2011,he served as the eighth chief executive of the Tenth District Federal Reserve Bank,in Kansas City,United States. In 2010,he was serving as a voting member of the Federal Open Market Committee,as one of five of the twelve Federal Reserve Bank presidents that sit on the Committee on a yearly rotating basis. He is known as an "anti-inflation hawk".
Betsy Duke is an American bank executive who served as a member of the Federal Reserve Board of Governors from 2008 to 2013. Duke was confirmed by the Senate to fill an unexpired term ending January 31,2012. She was the seventh woman to be appointed to the board. In July 2013,she announced her resignation from the board.
Esther L. George is the former president and chief executive of the Federal Reserve Bank of Kansas City from 2011 until 2023.
John Carroll Williams is the president and chief executive officer of the Federal Reserve Bank of New York,having also served as president of Federal Reserve Bank of San Francisco from 2011 to 2018. He is currently serving as vice chairman of the Federal Open Market Committee.
Robert Steven Kaplan was most recently the president and CEO of the Federal Reserve Bank of Dallas and is a former long-time Goldman Sachs executive.
Raphael W. Bostic is an American economist,academic,and public servant who has served as the 15th president and CEO of the Federal Reserve Bank of Atlanta since 2017. During his academic career,Bostic served as chair of the Department of Governance,Management,and the Policy Process at the Price School of Public Policy at the University of Southern California.
Thomas I. Barkin is an American central banker,who became the eighth president and CEO of the Federal Reserve Bank of Richmond on January 1,2018. He worked at global management consulting firm McKinsey &Company for 30 years in increasingly senior positions,including as global chief financial officer (CFO) and chief risk officer,with oversight of finance,legal and information technology functions,among others. He also served on the executive committee of the Metro Atlanta Chamber of Commerce,as an Emory University Board of Trustees member,and former board member and chairman of the Federal Reserve Bank of Atlanta.
Lisa DeNell Cook is an American economist who has served as a member of the Federal Reserve Board of Governors since May 23,2022. She is the first African American woman and first woman of color to sit on the Board. Before her appointment to the Federal Reserve,she was elected to the board of directors of the Federal Reserve Bank of Chicago.
Michelle White "Miki" Bowman is an American attorney who served as a member of the Federal Reserve Board of Governors since 2018. She is the first person to fill the community bank seat on the board,a seat created by a 2015 law.
References
- ↑ "Who has to leave the Federal Reserve next?".
- 1 2 3 "Jeffrey R. Schmid named tenth president and chief executive officer of the Federal Reserve Bank of Kansas City". www.kansascityfed.org. 2023-08-02. Retrieved 2023-08-24.
- ↑ "Kansas City Fed names ex-bank executive as new president". Axios . Retrieved 3 August 2023.
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