en.m.wikipedia.org
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]
PortraitGovernorPartyTerm startTerm expires
Jay Powell
(Chair)
RepublicanFebruary 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)
RepublicanSeptember 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)
RepublicanOctober 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 BrainardDemocraticJune 16, 2014January 31, 2026
Miki BowmanRepublicanNovember 26, 2018
February 1, 2020 (reappointment)
January 31, 2034
Chris WallerRepublicanDecember 18, 2020January 31, 2030
VacantJanuary 31, 2024
Vacancies and pending nominations
Seat last held byVacancy reasonVacancy dateTerm expirationNomineeNomination dateRegional Bank
Janet YellenResignationFebruary 3, 2018January 31, 2024TBD
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]
List of governors
Board of Governors meeting January 1, 1922.
Current and living former governors, 2013
NameRegional BankTerm startTerm endYears servedInitial
appointment
Notes
Frederic DelanoChicagoAugust 10, 1914July 21, 19183 years, 345 daysWilsonVice Chair (1914–1916)
Paul WarburgNew YorkAugust 10, 1914August 9, 19183 years, 364 daysWilsonVice Chair (1916–1918)
William HardingAtlantaAugust 10, 1914August 9, 19227 years, 364 daysWilsonChair (1916–1922)
Adolph MillerSan FranciscoAugust 10, 1914February 3, 193621 years, 177 daysWilson
Charles HamlinBostonAugust 10, 1914February 3, 193621 years, 177 daysWilsonChair (1914–1916)
Albert StraussNew YorkOctober 26, 1918March 15, 19201 year, 141 daysWilsonVice Chair (1918–1920)
Henry MoehlenpahChicagoNovember 10, 1919August 9, 19200 years, 273 daysWilson
Edmund PlattNew YorkJune 20, 1920September 14, 193010 years, 86 daysWilsonVice Chair (1920–1930)
David WillsClevelandSeptember 20, 1920March 4, 19210 years, 165 daysWilson
John MitchellMinneapolisMay 12, 1921May 12, 19232 years, 0 daysHarding
Milo CampbellChicagoMarch 14, 1923March 22, 19230 years, 8 daysHardingDied in office
Daniel CrissingerClevelandMay 1, 1923September 15, 19274 years, 137 daysHardingChair (1923–1927)
Edward CunninghamChicagoMay 14, 1923November 28, 19307 years, 198 daysHardingDied in office
George JamesSt. LouisMay 14, 1923February 3, 193612 years, 265 daysHarding
Roy YoungMinneapolisOctober 4, 1927August 31, 19302 years, 331 daysCoolidgeChair (1927–1930)
Eugene MeyerNew YorkSeptember 16, 1930May 10, 19332 years, 236 daysHooverChair (1930–1933)
Wayland MageeKansas CityMay 18, 1931January 24, 19331 year, 251 daysHoover
Eugene BlackAtlantaMay 19, 1933August 15, 19341 year, 88 daysF. RooseveltChair (1933–1934)
John ThomasKansas CityJune 14, 1933February 10, 19362 years, 241 daysF. RooseveltVice Chair (1934–1936)
Menc SzymczakChicagoJune 14, 1933May 31, 196127 years, 351 daysF. Roosevelt
Marriner EcclesSan FranciscoNovember 15, 1934July 14, 195116 years, 241 daysF. RooseveltChair (1934–1948)
Joseph BroderickNew YorkFebruary 3, 1936September 30, 19371 year, 239 daysF. Roosevelt
John McKeeClevelandFebruary 3, 1936April 4, 194610 years, 60 daysF. Roosevelt
Ronald RansomAtlantaFebruary 3, 1936December 2, 194711 years, 302 daysF. RooseveltVice Chair (1936–1947); Died in office
Ralph MorrisonDallasFebruary 10, 1936July 9, 19360 years, 150 daysF. Roosevelt
Chester DavisRichmondJune 25, 1936April 15, 19414 years, 294 daysF. Roosevelt
Ernest DraperNew YorkMarch 30, 1938September 1, 195012 years, 155 daysF. Roosevelt
Rudolph EvansRichmondMarch 14, 1942August 13, 195412 years, 152 daysF. Roosevelt
Jake VardamanSt. LouisApril 4, 1946November 30, 195812 years, 240 daysTruman
Larry ClaytonBostonFebruary 14, 1947December 4, 19492 years, 293 daysTrumanDied in office
Thomas McCabePhiladelphiaApril 15, 1948March 31, 19512 years, 350 daysTrumanChair (1948–1951)
Edward NortonAtlantaSeptember 1, 1950January 31, 19521 year, 152 daysTruman
Oliver PowellMinneapolisSeptember 1, 1950June 30, 19521 year, 303 daysTruman
Bill MartinNew YorkApril 2, 1951January 31, 197018 years, 304 daysTrumanChair (1951–1970)
Abbot MillsSan FranciscoFebruary 18, 1952February 28, 196513 years, 10 daysTruman
James RobertsonKansas CityFebruary 18, 1952April 30, 197321 years, 71 daysTrumanVice Chair (1966–1973)
Canby BalderstonPhiladelphiaAugust 12, 1954February 28, 196611 years, 200 daysEisenhowerVice Chair (1955–1966)
Paul MillerMinneapolisAugust 13, 1954October 21, 19540 years, 69 daysEisenhowerDied in office
Charles ShepardsonDallasMarch 17, 1955April 30, 196712 years, 44 daysEisenhower
George KingAtlantaMarch 25, 1959September 18, 19634 years, 177 daysEisenhower
George MitchellChicagoAugust 31, 1961February 13, 197614 years, 166 daysKennedyVice Chair (1973–1976)
Dewey DaaneRichmondNovember 29, 1963March 8, 197410 years, 99 daysKennedy
Sherman MaiselSan FranciscoApril 30, 1965May 31, 19727 years, 31 daysJohnson
Andrew BrimmerPhiladelphiaMarch 9, 1966August 31, 19748 years, 175 daysJohnson
William SherrillDallasMay 1, 1967November 15, 19714 years, 198 daysJohnson
Arthur BurnsNew YorkJanuary 31, 1970March 31, 19788 years, 59 daysNixonChair (1970–1978)
John SheehanSt. LouisJanuary 4, 1972June 1, 19753 years, 148 daysNixon
Jeffrey BucherSan FranciscoJune 5, 1972January 2, 19763 years, 211 daysNixon
Robert HollandKansas CityJune 11, 1973May 15, 19762 years, 339 daysNixon
Henry WallichBostonMarch 8, 1974December 15, 198612 years, 282 daysNixon
Philip ColdwellDallasOctober 29, 1974February 29, 19805 years, 123 daysFord
Philip JacksonAtlantaJuly 14, 1975November 17, 19783 years, 126 daysFord
Charles ParteeRichmondJanuary 5, 1976February 7, 198610 years, 33 daysFord
Stephen GardnerPhiladelphiaFebruary 13, 1976November 19, 19782 years, 279 daysFordVice Chair (1976–1978); Died in office
David LillyMinneapolisJune 1, 1976February 24, 19781 year, 268 daysFord
William MillerSan FranciscoMarch 8, 1978August 6, 19791 year, 151 daysCarterChair (1978–1979)
Nancy TeetersChicagoSeptember 18, 1978June 27, 19845 years, 283 daysCarter
Emmett RiceNew YorkJune 20, 1979December 31, 19867 years, 194 daysCarter
Frederick SchultzAtlantaJuly 27, 1979February 11, 19822 years, 199 daysCarterVice Chair (1979–1982)
Paul VolckerPhiladelphiaAugust 6, 1979August 11, 19878 years, 5 daysCarterChair (1979–1987)
Lyle GramleyKansas CityMay 28, 1980September 1, 19855 years, 96 daysCarter
Preston MartinSan FranciscoMarch 31, 1982April 30, 19864 years, 30 daysReaganVice Chair (1982–1986)
Martha SegerChicagoJuly 2, 1984March 11, 19916 years, 252 daysReagan
Manley JohnsonRichmondFebruary 7, 1986August 3, 19904 years, 177 daysReaganVice Chair (1986–1990)
Wayne AngellKansas CityFebruary 7, 1986February 9, 19948 years, 2 daysReagan
Robert HellerSan FranciscoAugust 19, 1986July 31, 19892 years, 346 daysReagan
Mike KelleyDallasMay 26, 1987December 31, 200114 years, 219 daysReagan
Alan GreenspanNew YorkAugust 11, 1987January 31, 200618 years, 173 daysReaganChair (1987–2006)
John LaWareBostonAugust 15, 1988April 30, 19956 years, 258 daysReagan
David MullinsSt. LouisMay 21, 1990February 14, 19943 years, 269 daysG. H. W. BushVice Chair (1991–1994)
Larry LindseyRichmondNovember 26, 1991February 5, 19975 years, 71 daysG. H. W. Bush
Susan PhillipsChicagoDecember 2, 1991June 30, 19986 years, 210 daysG. H. W. Bush
Alan BlinderPhiladelphiaJune 27, 1994January 31, 19961 year, 218 daysClintonVice Chair (1994–1996)
Janet YellenSan FranciscoAugust 12, 1994February 17, 19972 years, 189 daysClinton
Laurence MeyerSt. LouisJune 24, 1996January 31, 20025 years, 221 daysClinton
Alice RivlinPhiladelphiaJune 25, 1996July 16, 19993 years, 21 daysClintonVice Chair (1996–1999)
Edward GramlichRichmondNovember 5, 1997August 31, 20057 years, 299 daysClinton
Roger FergusonBostonNovember 5, 1997April 28, 20068 years, 174 daysClintonVice Chair (1999–2006)
Mark W. OlsonMinneapolisDecember 7, 2001June 30, 20064 years, 205 daysG. W. Bush
Susan BiesChicagoDecember 7, 2001March 30, 20075 years, 113 daysG. W. Bush
Ben BernankeAtlantaAugust 5, 2002June 21, 20052 years, 320 daysG. W. Bush
Don KohnKansas CityAugust 5, 2002September 1, 20108 years, 27 daysG. W. BushVice Chair (2006–2010)
Ben BernankeAtlantaFebruary 1, 2006January 31, 20147 years, 364 daysG. W. BushChair (2006–2014)
Kevin WarshNew YorkFebruary 24, 2006April 2, 20115 years, 37 daysG. W. Bush
Randall KrosznerRichmondMarch 1, 2006January 21, 20092 years, 326 daysG. W. Bush
Rick MishkinBostonSeptember 5, 2006August 31, 20081 year, 361 daysG. W. Bush
Betsy DukePhiladelphiaAugust 5, 2008August 31, 20135 years, 26 daysG. W. Bush
Dan TarulloBostonJanuary 28, 2009April 5, 20178 years, 67 daysObama
Janet YellenSan FranciscoOctober 4, 2010February 3, 20187 years, 122 daysObamaVice Chair (2010–2014); Chair (2014–2018)
Sarah Bloom RaskinRichmondOctober 4, 2010March 13, 20143 years, 160 daysObama
Jay PowellPhiladelphiaMay 25, 2012January 31, 20289 years, 25 daysObamaChair (2018–present)
Jeremy SteinChicagoMay 30, 2012May 28, 20141 year, 363 daysObama
Stan FischerNew YorkMay 28, 2014October 13, 20173 years, 138 daysObamaVice Chair (2014–2017)
Lael BrainardRichmondJune 16, 2014January 31, 20267 years, 3 daysObama
Randy QuarlesKansas CityOctober 13, 2017January 31, 20323 years, 249 daysTrumpVice Chair for Supervision (2017–present)
Richard ClaridaBostonSeptember 17, 2018January 31, 20222 years, 275 daysTrumpVice Chair (2018–present)
Miki BowmanSt. LouisNovember 26, 2018January 31, 20342 years, 205 daysTrump
Chris WallerMinneapolisDecember 18, 2020January 31, 2030183 daysTrump
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]
Seat 1
Established August 10, 1914
Hamlin1914–1936
Board reorganized February 3, 1936
Morrison1936
Clayton1947–1949
O. Powell1950–1952
Balderston1954–1966
Brimmer1966–1974
Coldwell1974–1980
Gramley1980–1985
Angell1986–1994
Yellen1994–1997
Gramlich1997–2005
Kroszner2006–2009
Tarullo2009–2017
Clarida2018–present
Seat 2
Established August 10, 1914
Warburg1914–1918
Strauss1918–1920
Platt1920–1930
E. Meyer1930–1933
Black1933–1934
Eccles1934–1936
Board reorganized February 3, 1936
Davis1936–1941
Evans1942–1954
P. Miller1954
Shepardson1955–1967
Sherrill1967–1971
Sheehan1972–1975
Jackson1975–1978
Schultz1979–1982
P. Martin1982–1986
Heller1986–1989
Mullins1990–1994
Blinder1994–1996
Rivlin1996–1999
Olson2001–2006
Yellen2010–2018
Seat 3
Established August 10, 1914
Delano1914–1918
Moehlenpah1919–1920
Wills1920–1921
J. Mitchell1921–1923
James1923–1936
Board reorganized February 3, 1936
Ransom1936–1947
McCabe1948–1951
B. Martin1951–1970
Burns1970–1978
Teeters1978–1984
Seger1984–1991
Phillips1991–1998
Bies2001–2007
Duke2008–2013
Brainard2014–present
Seat 4
Established August 10, 1914
Harding1914–1922
Crissinger1923–1927
Young1927–1930
Szymczak1933–1936
Board reorganized February 3, 1936
Eccles1936–1951
Mills1952–1965
Maisel1965–1972
Bucher1972–1976
Partee1976–1986
Johnson1986–1990
Lindsey1991–1997
Ferguson1997–2006
Mishkin2006–2008
J. Powell2012–present
Seat 5
Established August 10, 1914
A. Miller1914–1936
Board reorganized February 3, 1936
McKee1936–1946
Vardaman1946–1958
King1959–1963
Daane1963–1974
Wallich1974–1986
LaWare1988–1995
L. Meyer1996–2002
Kohn2002–2010
Bloom Raskin2010–2014
Waller2020–present
Seat 6
Established June 3, 1922
Campbell1923
Cunningham1923–1930
Magee1931–1933
Thomas1933–1936
Board reorganized February 3, 1936
Szymczak1936–1961
G. Mitchell1961–1976
Gardner1976–1978
Rice1979–1986
Kelley1987–2001
Bernanke2002–2005
Warsh2006–2011
Stein2012–2014
Quarles2017–present
Seat 7
Established August 23, 1935
Broderick1936–1937
Draper1938–1950
Norton1950–1952
Robertson1952–1973
Holland1973–1976
Lilly1976–1978
W. Miller1978–1979
Volcker1979–1987
Greenspan1987–2006
Bernanke2006–2014
Fischer2014–2017
Bowman2018–present
Chairs
Established August 10, 1914
Hamlin1914–1916
Harding1916–1922
Crissinger1923–1927
Young1927–1930
E. Meyer1930–1933
Black1933–1934
Eccles1934–1948
McCabe1948–1951
B. Martin1951–1970
Burns1970–1978
W. Miller1978–1979
Volcker1979–1987
Greenspan1987–2006
Bernanke2006–2014
Yellen2014–2018
J. Powell2018–present
Vice Chairs
Established August 10, 1914
Delano1914–1916
Warburg1916–1918
Strauss1918–1920
Platt1920–1930
Thomas1934–1936
Ransom1936–1947
Balderston1955–1966
Robertson1966–1973
G. Mitchell1973–1976
Gardner1976–1978
Schultz1979–1982
P. Martin1982–1986
Johnson1986–1990
Mullins1991–1994
Blinder1994–1996
Rivlin1996–1999
Ferguson1999–2006
Kohn2006–2010
Yellen2010–2014
Fischer2014–2017
Clarida2018–present
Vice Chairs for Supervision
Established July 21, 2010
Quarles2017–present
References
  1. ^ a b c d See 12 U.S.C. § 241
  2. ^ 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.
  3. ^ http://www.igmchicago.org/surveys/fed-appointments
  4. ^ 12 U.S.C. § 247.
  5. ^ a b c d 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.
External links
Wikimedia Commons has media related to Federal Reserve Board of Governors.
 This article incorporates public domain material from websites or documents of the National Archives and Records Administration.
Last edited on 30 April 2021, at 18:55
Content is available under CC BY-SA 3.0 unless otherwise noted.
Privacy policy
Terms of Use
Desktop
HomeRandomNearbyLog inSettingsDonateAbout WikipediaDisclaimers
LanguageWatchEdit