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 United States secretary of the treasury is the head of the United States Department of the Treasury,and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is,by custom,a member of the president's cabinet and,by law,a member of the National Security Council.
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.
Janet Louise Yellen is an American economist serving as the 78th United States secretary of the treasury since January 26,2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first person to hold those positions having also led the White House Council of Economic Advisers and the first woman to hold either post.
George William Miller was an American businessman and investment banker who served as the 65th United States secretary of the treasury from 1979 to 1981. A member of the Democratic Party,he also served as the 11th chairman of the Federal Reserve from 1978 to 1979. Miller was the first person to hold both of those posts.
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. It is headquartered in the Eccles Building on Constitution Avenue,N.W. in Washington,D.C.
The Under Secretary of the Treasury for Domestic Finance is a high-ranking position within United States Department of the Treasury that reports to,advises,and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury. The under secretary leads the department's policy on the issues of domestic finance,fiscal policy,fiscal operations,government assets,government liabilities,and other related economic and fiscal matters.
Randal Keith Quarles is an American private equity investor and attorney who served as the first Vice Chair of the Federal Reserve for supervision from 2017 to 2021. He concurrently served as the chair of the Financial Stability Board from 2018 to 2021.
Lael Brainard is an American economist serving as the 14th director of the National Economic Council since February 21,2023. She previously served as the 22nd vice chair of the Federal Reserve between May 2022 and February 2023. Prior to her term as vice chair,Brainard served as a member of the Federal Reserve Board of Governors,taking office in 2014. Before her appointment to the Federal Reserve,she served as the under secretary of the treasury for international affairs from 2010 to 2013.
David Robert Malpass is an American economic analyst and former government official who served as President of the World Bank Group from 2019 to 2023. Malpass previously served as Under Secretary of the Treasury for International Affairs under Donald Trump,Deputy Assistant Treasury Secretary under Ronald Reagan,and Deputy Assistant Secretary of State under George H. W. Bush. He served as Chief Economist at Bear Stearns for the six years preceding its collapse.
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.
Richard Harris Clarida is an American economist who served as the 21st Vice Chair of the Federal Reserve from 2018 to 2022. Clarida resigned his post on January 14,2022,to return from public service leave to teach at Columbia University for the spring term of 2022. He is the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University and,from 2006 until September 2018,Global Strategic Advisor for PIMCO. He is notable for his contributions to dynamic stochastic general equilibrium theory and international monetary economics. He is a former Assistant Secretary of the Treasury for Economic Policy and is a recipient of the Treasury Medal. He also was a proponent of the theory that inflation was transitory during the COVID-19 pandemic.
Jerome Hayden "Jay" Powell is an American attorney and investment banker who has served since 2018 as the 16th chair of the Federal Reserve.
Phillip Lee "Phill" Swagel is an American economist who is currently the director of the Congressional Budget Office. As Assistant Secretary of the Treasury for Economic Policy from 2006 to 2009,he played an important role in the Troubled Asset Relief Program that was part of the U.S. government's response to the financial crisis of 2007–08. He was recently a Professor in International Economics at the University of Maryland School of Public Policy,a non-resident scholar at the American Enterprise Institute,senior fellow at the Milken Institute,and co-chair of the Bipartisan Policy Center's Financial Regulatory Reform Initiative.
Karen Dynan is an American economist who is Professor of the Practice of Economics at Harvard University and a Non-resident Senior Fellow at the Peterson Institute for International Economics. She previously served as the Assistant Secretary of the Treasury for Economic Policy and Chief Economist of the United States Department of the Treasury,having been nominated to that position by President Barack Obama in August 2013 and confirmed by the U.S. Senate in June 2014. From 2009 to 2013,Dr. Dynan was the Vice President and Co-director of the Economic Studies program at the Brookings Institution. Prior to joining Brookings,she served on the staff of the Federal Reserve Board for 17 years. Dr. Dynan is an expert on macroeconomic policy,consumer behavior,household finance,and housing policy.
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.
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.
Graham Scott Steele is an American attorney and policy advisor. In July 2021,Steele was nominated by President Joe Biden to serve as Assistant Secretary of the Treasury for Financial Institutions. Steele currently serves as director of the Corporations and Society Initiative at the Stanford Graduate School of Business (GSB).
Greg Baer is an American public policy executive serving as president and CEO of the Bank Policy Institute (BPI). He previously served as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury during the Clinton administration and as Managing Senior Counsel for the Federal Reserve Board of Governors.
