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.
The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System that is charged under United States law with overseeing the nation's open market operations. This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply. Under the terms of the original Federal Reserve Act,each of the Federal Reserve banks was authorized to buy and sell in the open market bonds and short term obligations of the United States Government,bank acceptances,cable transfers,and bills of exchange. Hence,the reserve banks were at times bidding against each other in the open market. In 1922,an informal committee was established to execute purchases and sales. The Banking Act of 1933 formed an official FOMC.
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.
Donald Lewis Kohn is an American economist who served as the 18th vice chair of the Federal Reserve from 2006 to 2010. Prior to his term as vice chair,Kohn served as a member of the Federal Reserve Board of Governors,taking office in 2002. Fed's veteran,he retired after 40 years at the central bank,currently serving on the Financial Policy Committee for the Bank of England and as a Senior Fellow at the Brookings Institution.
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.
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.
Cecilia Elena Rouse is an American economist who was named as President of the Brookings Institution with an effective date of January 2024. She served as the 30th Chair of the Council of Economic Advisers between 2021 and 2023. She is the first Black American to hold this position. Prior to this,she served as the dean of the Princeton School of Public and International Affairs at Princeton University. Joe Biden nominated Rouse to be Chair of the Council of Economic Advisers in November 2020. Rouse was overwhelmingly confirmed by the Senate on March 2,2021,by a vote of 95–4. She resigned on March 31,2023 to return to teaching. On June 28,she was named the 9th President of the Brookings Institution.
Michael S. Barr is an American legal scholar who has been serving as second vice chair of the Federal Reserve for supervision since 2022. From 2009 to 2011,he was assistant secretary of the treasury for financial institutions under President Barack Obama. At the University of Michigan,he has been serving as faculty member since 2001,professor of law since 2006,professor of public policy since 2014.
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.
Adriana Debora Kugler is an American economist who serves as a member of the Federal Reserve Board of Governors. She previously served as U.S. executive director at the World Bank,nominated by President Joe Biden and confirmed by the U.S. Senate in April 2022. She is a professor of public policy at Georgetown University's McCourt School of Public Policy and is currently on leave from her tenured position at Georgetown. She served as the Chief Economist to U.S. Labor Secretary Hilda L. Solis from September 6,2011 to January 4,2013.
Nancy Hays Teeters was an American economist and corporate executive who served as a member of the Federal Reserve Board of Governors from 1978 to 1984. A member of the Democratic Party,Teeters was the first woman to sit on the Board. She was nominated by President Jimmy Carter to fill out the remainder of the term of Arthur F. Burns,a former chairman of the Fed. Teeters was known for her public statements in which she dissented from the mainstream opinion of the Board and Chairman Paul Volcker.
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.
Jean Nellie Liang is an economist who currently serves as President Joe Biden's Under Secretary of the Treasury for Domestic Finance.
Christopher J. Waller is an American economist who is a member of the Federal Reserve Board of Governors since 2020. A nominee of then-President Donald Trump,he was confirmed by the Senate in December 2020,to serve through January 2030.
Sam Schulhofer-Wohl is an American economist who is senior vice president and senior advisor to the president at the Federal Reserve Bank of Dallas. He was previously Senior Vice President and Director of Financial Policy at the Federal Reserve Bank of Chicago,Research Director of the Federal Reserve Bank of Minneapolis,and an economics professor at Princeton University.
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.
