The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with Ronald Ransom as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term.[2]
The position of vice chair is currently held by Philip Jefferson who was sworn in on September 13, 2023.[3] The position of vice chair for supervision is currently vacant since Michael Barr's resignation which takes effect on February 28 2025.[4]
Appointment process
As stipulated by the Banking Act of 1935, the president may designated to serve as Vice Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors.[5][6][7] The Senate Committee responsible for vetting a Federal Reserve vice chair and vice chair for supervision nominees is the Senate Committee on Banking.
Duties of the Fed vice сhairs
The vice chair of the Board shall serve in the absence of the chair as leader of the Federal Reserve system until chair's replacement was installed by the Senate.[8][9][10]
By law, the vice chair, as part of the Board, make a full report of its operations to the speaker of the House, on progress towards the Fed's responsibilities and monetary policy objectives, which are "maximum employment, stable prices, and moderate long-term interest rates."[11]
The duties of the vice chair for supervision would include developing policy recommendations regarding supervision and regulation for the Board. The vice chairman of supervision will report to Congress semiannually on the efforts of the board with respect to the conduct of supervision and regulation.[9]
The law applicable to the chair, vice chairs and all other members of the board provides (in part):
No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board.[13]
The following is a list of past and present vice chairs of the Board of Governors of the Federal Reserve System. A vice chair serves for a four-year term after appointment, but may be reappointed for several consecutive four-year terms. Since the Federal Reserve was established in 1914, the following people have served as vice chair.[a][15]
The Dodd–Frank Wall Street Reform and Consumer Protection Act, which came into force on July 21, 2010, required the president to designate, by and with the advice and consent of the Senate, a new "Vice Chairman for Supervision," who "shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board and shall oversee the supervision and regulation of such firms."[8] Since the Dodd–Frank Act was enacted in 2010, the following people have served as vice chair for supervision.[15]
↑ The position was established as Vice Governor of the Federal Reserve Board on December 23, 1913; thereafter became Vice Chairman of the Board of Governors of the Federal Reserve System on August 23, 1935; and re-aligned to be gender-neutral after Rivlin became the first female officeholder on June 25, 1996.
1 2 The start date given here for each officeholder is the day they took the oath of office, and the end date is the day of their term expiration, resignation, retirement, or death.
↑ A fixed term with reappointment for the Vice Chair, then known as Vice Governor, was not added to the Federal Reserve Act until the Banking Act of 1935 (P.L. 74-305, 49 Stat. 684).
↑ Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved January 16, 2009.
1 2 "Vice Chairs". Membership of the Board of Governors of the Federal Reserve System, 1914–present. The Federal Reserve Board. September 17, 2018. Retrieved September 18, 2018.
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