Federal Reserve Board of Governors

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]

Federal Reserve Board of Governors
Federal Reserve System headquarters
HeadquartersEccles Building
ChairJerome Powell

Statutory description

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.[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, he or she functions 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 U.S. House of Representatives.[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.

Membership is by statute limited in term, and a member that has served for a full 14-year term is not eligible for reappointment.[5] 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.[5] 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",[5] it is possible for a member to 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".[5]

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 sets U.S. monetary policy through their membership in the Federal Open Market Committee (FOMC).[6]

Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives and Records Administration.[7]

Current members
Board of governors in April 2019, when two of the seven seats were vacant

The current members of the Board of Governors are as follows:[8]

Portrait Governor Party Term start Term expires
Jay Powell
(Chair)		 Republican February 5, 2018 (as Chair) February 5, 2022 (as Chair)
May 25, 2012 (as Governor)
June 16, 2014 (Reappointment)		 January 31, 2028 (as Governor)
Richard Clarida
(Vice Chair)		 Republican September 17, 2018 (as Vice Chair) September 17, 2022 (as Vice Chair)
September 17, 2018 (as Governor) January 31, 2022 (as Governor)
Randy Quarles
(Vice Chair for Supervision)		 Republican October 13, 2017 (as Vice Chair for Supervision) October 13, 2021 (as Vice Chair for Supervision)
October 13, 2017 (as Governor)
July 17, 2018 (Reappointment)		 January 31, 2032 (as Governor)
Lael Brainard Democratic June 16, 2014 January 31, 2026
Miki Bowman Republican November 26, 2018
February 1, 2020 (Reappointment)		 January 31, 2034
Chris Waller Republican December 18, 2020 January 31, 2030
Vacant January 31, 2024

Vacancies and pending nominations
Seat last held by Vacancy reason Vacancy date Term expiration Nominee Nomination date Regional Bank
Janet Yellen Resignation February 3, 2018 January 31, 2024 TBD

Failed nominations

The below were formally nominated to fill a vacant seat but failed to be confirmed by the Senate.

In addition, Steve Moore and Herman Cain were announced, but never formally nominated, to fill Bloom Raskin and Yellen's seats (without specifying which seat or district) by Donald Trump in 2019 before being withdrawn from consideration.[22][23]

Committees

There are eight committees.[24]

  • Committee on Board Affairs
  • Committee on Consumer and Community Affairs
  • Committee on Economic and Financial Monitoring and Research
  • Committee on Financial Stability
  • Committee on Federal Reserve Bank Affairs
  • Committee on Bank Supervision
  • Subcommittee on Smaller Regional and Community Banking
  • Committee on Payments, Clearing, and Settlement

List of governors
Board of Governors meeting January 1, 1922.
Current and living former Governors, 2013
Name Regional Bank Term start Term end Years served Initial
appointment		 Notes
Frederic Delano Chicago August 10, 1914 July 21, 1918 3 years, 345 days Wilson Vice Chair (1914–1916)
Paul Warburg New York August 10, 1914 August 9, 1918 3 years, 364 days Wilson Vice Chair (1916–1918)
William Harding Atlanta August 10, 1914 August 9, 1922 7 years, 364 days Wilson Chair (1916–1922)
Adolph Miller San Francisco August 10, 1914 February 3, 1936 21 years, 177 days Wilson
Charles Hamlin Boston August 10, 1914 February 3, 1936 21 years, 177 days Wilson Chair (1914–1916)
Albert Strauss New York October 26, 1918 March 15, 1920 1 year, 141 days Wilson Vice Chair (1918–1920)
Henry Moehlenpah Chicago November 10, 1919 August 9, 1920 0 years, 273 days Wilson
Edmund Platt New York June 20, 1920 September 14, 1930 10 years, 86 days Wilson Vice Chair (1920–1930)
David Wills Cleveland September 20, 1920 March 4, 1921 0 years, 165 days Wilson
John Mitchell Minneapolis May 12, 1921 May 12, 1923 2 years, 0 days Harding
Milo Campbell Chicago March 14, 1923 March 22, 1923 0 years, 8 days Harding Died in office
Daniel Crissinger Cleveland May 1, 1923 September 15, 1927 4 years, 137 days Harding Chair (1923–1927)
Edward Cunningham Chicago May 14, 1923 November 28, 1930 7 years, 198 days Harding Died in office
George James St. Louis May 14, 1923 February 3, 1936 12 years, 265 days Harding
Roy Young Minneapolis October 4, 1927 August 31, 1930 2 years, 331 days Coolidge Chair (1927–1930)
Eugene Meyer New York September 16, 1930 May 10, 1933 2 years, 236 days Hoover Chair (1930–1933)
Wayland Magee Kansas City May 18, 1931 January 24, 1933 1 year, 251 days Hoover
Eugene Black Atlanta May 19, 1933 August 15, 1934 1 year, 88 days F. Roosevelt Chair (1933–1934)
John Thomas Kansas City June 14, 1933 February 10, 1936 2 years, 241 days F. Roosevelt Vice Chair (1934–1936)
Menc Szymczak Chicago June 14, 1933 May 31, 1961 27 years, 351 days F. Roosevelt
Marriner Eccles San Francisco November 15, 1934 July 14, 1951 16 years, 241 days F. Roosevelt Chair (1934–1948)
Joseph Broderick New York February 3, 1936 September 30, 1937 1 year, 239 days F. Roosevelt
John McKee Cleveland February 3, 1936 April 4, 1946 10 years, 60 days F. Roosevelt
Ronald Ransom Atlanta February 3, 1936 December 2, 1947 11 years, 302 days F. Roosevelt Vice Chair (1936–1947); Died in office
Ralph Morrison Dallas February 10, 1936 July 9, 1936 0 years, 150 days F. Roosevelt
Chester Davis Richmond June 25, 1936 April 15, 1941 4 years, 294 days F. Roosevelt
Ernest Draper New York March 30, 1938 September 1, 1950 12 years, 155 days F. Roosevelt
Rudolph Evans Richmond March 14, 1942 August 13, 1954 12 years, 152 days F. Roosevelt
Jake Vardaman St. Louis April 4, 1946 November 30, 1958 12 years, 240 days Truman
Larry Clayton Boston February 14, 1947 December 4, 1949 2 years, 293 days Truman Died in office
Thomas McCabe Philadelphia April 15, 1948 March 31, 1951 2 years, 350 days Truman Chair (1948–1951)
Edward Norton Atlanta September 1, 1950 January 31, 1952 1 year, 152 days Truman
Oliver Powell Minneapolis September 1, 1950 June 30, 1952 1 year, 303 days Truman
Bill Martin New York April 2, 1951 January 31, 1970 18 years, 304 days Truman Chair (1951–1970)
Abbot Mills San Francisco February 18, 1952 February 28, 1965 13 years, 10 days Truman
James Robertson Kansas City February 18, 1952 April 30, 1973 21 years, 71 days Truman Vice Chair (1966–1973)
Canby Balderston Philadelphia August 12, 1954 February 28, 1966 11 years, 200 days Eisenhower Vice Chair (1955–1966)
Paul Miller Minneapolis August 13, 1954 October 21, 1954 0 years, 69 days Eisenhower Died in office
Charles Shepardson Dallas March 17, 1955 April 30, 1967 12 years, 44 days Eisenhower
George King Atlanta March 25, 1959 September 18, 1963 4 years, 177 days Eisenhower
George Mitchell Chicago August 31, 1961 February 13, 1976 14 years, 166 days Kennedy Vice Chair (1973–1976)
Dewey Daane Richmond November 29, 1963 March 8, 1974 10 years, 99 days Kennedy
Sherman Maisel San Francisco April 30, 1965 May 31, 1972 7 years, 31 days Johnson
Andrew Brimmer Philadelphia March 9, 1966 August 31, 1974 8 years, 175 days Johnson
William Sherrill Dallas May 1, 1967 November 15, 1971 4 years, 198 days Johnson
Arthur Burns New York January 31, 1970 March 31, 1978 8 years, 59 days Nixon Chair (1970–1978)
John Sheehan St. Louis January 4, 1972 June 1, 1975 3 years, 148 days Nixon
Jeffrey Bucher San Francisco June 5, 1972 January 2, 1976 3 years, 211 days Nixon
Robert Holland Kansas City June 11, 1973 May 15, 1976 2 years, 339 days Nixon
Henry Wallich Boston March 8, 1974 December 15, 1986 12 years, 282 days Nixon
Philip Coldwell Dallas October 29, 1974 February 29, 1980 5 years, 123 days Ford
Philip Jackson Atlanta July 14, 1975 November 17, 1978 3 years, 126 days Ford
Charles Partee Richmond January 5, 1976 February 7, 1986 10 years, 33 days Ford
Stephen Gardner Philadelphia February 13, 1976 November 19, 1978 2 years, 279 days Ford Vice Chair (1976–1978); Died in office
David Lilly Minneapolis June 1, 1976 February 24, 1978 1 year, 268 days Ford
William Miller San Francisco March 8, 1978 August 6, 1979 1 year, 151 days Carter Chair (1978–1979)
Nancy Teeters Chicago September 18, 1978 June 27, 1984 5 years, 283 days Carter
Emmett Rice New York June 20, 1979 December 31, 1986 7 years, 194 days Carter
Frederick Schultz Atlanta July 27, 1979 February 11, 1982 2 years, 199 days Carter Vice Chair (1979–1982)
Paul Volcker Philadelphia August 6, 1979 August 11, 1987 8 years, 5 days Carter Chair (1979–1987)
Lyle Gramley Kansas City May 28, 1980 September 1, 1985 5 years, 96 days Carter
Preston Martin San Francisco March 31, 1982 April 30, 1986 4 years, 30 days Reagan Vice Chair (1982–1986)
Martha Seger Chicago July 2, 1984 March 11, 1991 6 years, 252 days Reagan
Manley Johnson Richmond February 7, 1986 August 3, 1990 4 years, 177 days Reagan Vice Chair (1986–1990)
Wayne Angell Kansas City February 7, 1986 February 9, 1994 8 years, 2 days Reagan
Robert Heller San Francisco August 19, 1986 July 31, 1989 2 years, 346 days Reagan
Mike Kelley Dallas May 26, 1987 December 31, 2001 14 years, 219 days Reagan
Alan Greenspan New York August 11, 1987 January 31, 2006 18 years, 173 days Reagan Chair (1987–2006)
John LaWare Boston August 15, 1988 April 30, 1995 6 years, 258 days Reagan
David Mullins St. Louis May 21, 1990 February 14, 1994 3 years, 269 days G. H. W. Bush Vice Chair (1991–1994)
Larry Lindsey Richmond November 26, 1991 February 5, 1997 5 years, 71 days G. H. W. Bush
Susan Phillips Chicago December 2, 1991 June 30, 1998 6 years, 210 days G. H. W. Bush
Alan Blinder Philadelphia June 27, 1994 January 31, 1996 1 year, 218 days Clinton Vice Chair (1994–1996)
Janet Yellen San Francisco August 12, 1994 February 17, 1997 2 years, 189 days Clinton
Laurence Meyer St. Louis June 24, 1996 January 31, 2002 5 years, 221 days Clinton
Alice Rivlin Philadelphia June 25, 1996 July 16, 1999 3 years, 21 days Clinton Vice Chair (1996–1999)
Edward Gramlich Richmond November 5, 1997 August 31, 2005 7 years, 299 days Clinton
Roger Ferguson Boston November 5, 1997 April 28, 2006 8 years, 174 days Clinton Vice Chair (1999–2006)
Mark W. Olson Minneapolis December 7, 2001 June 30, 2006 4 years, 205 days G. W. Bush
Susan Bies Chicago December 7, 2001 March 30, 2007 5 years, 113 days G. W. Bush
Ben Bernanke Atlanta August 5, 2002 June 21, 2005 2 years, 320 days G. W. Bush
Don Kohn Kansas City August 5, 2002 September 1, 2010 8 years, 27 days G. W. Bush Vice Chair (2006–2010)
Ben Bernanke Atlanta February 1, 2006 January 31, 2014 7 years, 364 days G. W. Bush Chair (2006–2014)
Kevin Warsh New York February 24, 2006 April 2, 2011 5 years, 37 days G. W. Bush
Randall Kroszner Richmond March 1, 2006 January 21, 2009 2 years, 326 days G. W. Bush
Rick Mishkin Boston September 5, 2006 August 31, 2008 1 year, 361 days G. W. Bush
Betsy Duke Philadelphia August 5, 2008 August 31, 2013 5 years, 26 days G. W. Bush
Dan Tarullo Boston January 28, 2009 April 5, 2017 8 years, 67 days Obama
Janet Yellen San Francisco October 4, 2010 February 3, 2018 7 years, 122 days Obama Vice Chair (2010–2014); Chair (2014–2018)
Sarah Bloom Raskin Richmond October 4, 2010 March 13, 2014 3 years, 160 days Obama
Jay Powell Philadelphia May 25, 2012 January 31, 2028 8 years, 256 days Obama Chair (2018–present)
Jeremy Stein Chicago May 30, 2012 May 28, 2014 1 year, 363 days Obama
Stan Fischer New York May 28, 2014 October 13, 2017 3 years, 138 days Obama Vice Chair (2014–2017)
Lael Brainard Richmond June 16, 2014 January 31, 2026 6 years, 234 days Obama
Randy Quarles Kansas City October 13, 2017 January 31, 2032 3 years, 115 days Trump Vice Chair for Supervision (2017–present)
Richard Clarida Boston September 17, 2018 January 31, 2022 2 years, 141 days Trump Vice Chair (2018–present)
Miki Bowman St. Louis November 26, 2018 January 31, 2034 2 years, 71 days Trump
Chris Waller Minneapolis December 18, 2020 January 31, 2030 49 days Trump

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.[25][26][27][28]

References
  1. See 12 U.S.C. § 241
  2. Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved 2009-01-16.
  3. http://www.igmchicago.org/surveys/fed-appointments
  4. 12 U.S.C. § 247.
  5. See 12 U.S.C. § 242.
  6. "The Three Key System Entities" (PDF). Board of Governors of the Federal Reserve System.
  7. 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. Archived from the original on April 21, 2018. Retrieved April 21, 2018.
  8. "FRB: Board Members". Federalreserve.gov. 2013-09-03. Retrieved 2014-01-11.
  9. PN480 — Carol J. Parry — Board of Governors of the Federal Reserve System 106th Congress (1999–2000)
  10. PN569 — Larry Allan Klane — Federal Reserve System, 110th Congress (2007–2008)
  11. PN52 — Peter A. Diamond — Federal Reserve System 112th Congress (2011–2012)
  12. PN2121 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  13. PN1726 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  14. PN3 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  15. PN2 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  16. PN674 — Kathryn M. Dominguez — Federal Reserve System 114th Congress (2015–2016)
  17. PN1279 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  18. PN1348 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  19. PN2543 — Jean Nellie Liang — Federal Reserve System 115th Congress (2017–2018)
  20. PN1422 — Judy Shelton — Federal Reserve System 116th Congress (2019–2020)
  21. PN3 — Judy Shelton — Federal Reserve System 117th Congress (2021–2022)
  22. Timiraos, Nick (March 22, 2019). "Trump Offers Fed Board Position to Economic Commentator Stephen Moore". The Wall Street Journal.
  23. Borak, Donna; Vazquez, Maegan (April 4, 2019). "Trump Says He's Recommending Herman Cain to Fed". CNN.
  24. "About the Fed" on the Federal Reserve Board of Governors website
  25. 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.
  26. "Board of Governors Members, 1914-Present". Federal Reserve Board of Governors. Retrieved April 28, 2020.
  27. "List of Suggested Appointments to the Federal Reserve Board" (PDF). FRASER. Retrieved May 3, 2020.
  28. Engelberg, Joseph; Henriksson, Matthew; Manela, Asaf; Williams, Jared (October 29, 2019). "The Partisanship of Financial Regulators". Social Science Research Network. SSRN 3481564.

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