Federal Reserve Board of Governors
Federal Reserve Board of Governors
Federal Reserve System headquarters
By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country".
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.
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.
The Board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives.
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.
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.
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",
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".
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.
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:
Vacancies and pending 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in 2019 before being withdrawn from consideration.
There are eight committees.
- 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
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.
Vice Chairs for Supervision
Established July 21, 2010
- ^ a b c d See 12 U.S.C. § 241
- ^ a b c Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved 2009-01-16.
- ^ http://www.igmchicago.org/surveys/fed-appointments
- ^ 12 U.S.C. § 247.
- ^ a b c d See 12 U.S.C. § 242.
- ^ "The Three Key System Entities" (PDF). Board of Governors of the Federal Reserve System.
- ^ 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.
- ^ "FRB: Board Members". Federalreserve.gov. 2013-09-03. Retrieved 2014-01-11.
- ^ PN480 — Carol J. Parry — Board of Governors of the Federal Reserve System 106th Congress (1999–2000)
- ^ PN569 — Larry Allan Klane — Federal Reserve System, 110th Congress (2007–2008)
- ^ PN52 — Peter A. Diamond — Federal Reserve System 112th Congress (2011–2012)
- ^ PN2121 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
- ^ PN1726 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
- ^ PN3 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
- ^ PN2 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
- ^ PN674 — Kathryn M. Dominguez — Federal Reserve System 114th Congress (2015–2016)
- ^ PN1279 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
- ^ PN1348 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
- ^ PN2543 — Jean Nellie Liang — Federal Reserve System 115th Congress (2017–2018)
- ^ PN1422 — Judy Shelton — Federal Reserve System 116th Congress (2019–2020)
- ^ PN3 — Judy Shelton — Federal Reserve System 117th Congress (2021–2022)
- ^ Timiraos, Nick (March 22, 2019). "Trump Offers Fed Board Position to Economic Commentator Stephen Moore". The Wall Street Journal.
- ^ Borak, Donna; Vazquez, Maegan (April 4, 2019). "Trump Says He's Recommending Herman Cain to Fed". CNN.
- ^ "About the Fed" on the Federal Reserve Board of Governors website
- ^ 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.
- ^ "Board of Governors Members, 1914-Present". Federal Reserve Board of Governors. Retrieved April 28, 2020.
- ^ "List of Suggested Appointments to the Federal Reserve Board" (PDF). FRASER. Retrieved May 3, 2020.
- ^ Engelberg, Joseph; Henriksson, Matthew; Manela, Asaf; Williams, Jared (October 29, 2019). "The Partisanship of Financial Regulators". Social Science Research Network. SSRN 3481564.
Last edited on 30 April 2021, at 18:55
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