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 of the United States. It oversees the Federal Reserve Banks and the implementation of the monetary policy of the United States.

Each governor is appointed by the president of the United States and confirmed by the Senate to staggered 14-year terms, such that the tenures of all seven members span multiple presidential and congressional terms. Members who have served a full term are not eligible for reappointment, although governors who were initially appointed to serve an uncompleted term may be reappointed to a full term.

All seven board members of the Federal Reserve Board of Governors, along with the five Federal Reserve Bank presidents, are members of the Federal Open Market Committee, which directs the open market operations that sets monetary policy. The chair and vice chair are appointed by the president, drawn from the sitting Governors. They both serve a four-year term and can be renominated by the president as many times until their board terms expire.

Statutory description

Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms.See 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 of the Federal Reserve Banks.

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, the members function 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 House.. 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, though net earnings of the Federal Reserve Banks are ultimately remitted to the US Treasury.

Membership is by statute limited in term, and a member who has served for a full 14-year term is not eligible for reappointment. However, individuals have been appointed to serve the remainder of another member's uncompleted term and thereafter 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", a member can 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".See .

The chair, vice chair, and vice chair for supervision of the Board of Governors are appointed by the president from among the sitting governors. They each 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.

All seven board members of the Federal Reserve Board of Governors and five Federal Reserve Bank presidents direct the open market operations that set U.S. monetary policy through their membership in the Federal Open Market Committee (FOMC).

Records of the Federal Reserve Board of Governors are found in the Record Group number 82 at the National Archives and Records Administration.

Current members The current members of the Board of Governors are as follows:

Committees

There are eight committees. "About the Fed" on the Federal Reserve Board of Governors website

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

The following is a list of past and present members of the Board of Governors of the Federal Reserve System. A governor serves for a fourteen-year term after appointment and a member who serves a full term may not be reappointed; when a governor completes an unexpired portion of a term, they may be reappointed. Since the Federal Reserve was established in 1914, the following people have served as governor.

Status

Italics denotes date of term expiration

NameRegional BankStartEndDurationInitialappointerDeparture reasonBostonRetiredNew YorkTerm expiredChicagoResignedAtlantaTerm expiredSan FranciscoRetiredRichmondNew YorkResignedChicago0 years, Term expiredNew YorkResignedCleveland0 years, Term expiredMinneapolisResignedChicago0 years, Died in officeClevelandResignedChicagoDied in officeSt. LouisRetiredMinneapolisResignedNew YorkResignedKansas CityTerm expiredAtlantaResignedChicagoResignedKansas CityRetiredSan FranciscoResignedNew YorkResignedClevelandRetiredAtlantaDied in officeDallas0 years, ResignedRichmondResignedNew YorkRetiredRichmondRetiredSt. LouisResignedBostonDied in officePhiladelphiaResignedAtlantaResignedMinneapolisResignedNew YorkTerm expiredSan FranciscoResignedKansas CityResignedPhiladelphiaRetiredMinneapolis0 years, Died in officeDallasRetiredAtlantaResignedChicagoRetiredRichmondRetiredSan FranciscoRetiredPhiladelphiaResignedDallasResignedNew YorkResignedSt. LouisResignedSan FranciscoResignedKansas CityResignedBostonResignedDallasRetiredAtlantaResignedRichmondRetiredPhiladelphiaDied in officeMinneapolisTerm expiredSan FranciscoResignedChicagoResignedNew YorkResignedAtlantaResignedPhiladelphiaResignedKansas CityResignedSan FranciscoResignedChicagoResignedKansas CityResignedRichmondResignedSan FranciscoResignedDallasResignedNew YorkTerm expiredBostonResignedSt. LouisResignedRichmondResignedChicagoResignedPhiladelphiaTerm expiredSan FranciscoResignedSt. LouisTerm expiredPhiladelphiaResignedBostonResignedRichmondResignedChicagoResignedMinneapolisResignedAtlantaResignedKansas CityResignedAtlantaResignedNew YorkResignedRichmondResignedBostonResignedPhiladelphiaResignedBostonResignedRichmondResignedSan FranciscoResignedPhiladelphiaIncumbentChicagoResignedNew YorkResignedRichmondResignedKansas CityResignedBostonResignedSt. LouisIncumbentMinneapolisIncumbentAtlantaIncumbentNew YorkIncumbentChicagoIncumbentRichmondResignedRichmond0 years, Term expiredSan FranciscoIncumbent

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.

Seat 1HamlinAugust 10, 1914 –February 3, 1936MorrisonFebruary 10, 1936 –July 9, 1936ClaytonFebruary 14, 1947 –December 4, 1949O. PowellSeptember 1, 1950 –June 30, 1952BalderstonAugust 12, 1954 –February 28, 1966BrimmerMarch 9, 1966 –August 31, 1974 ColdwellOctober 29, 1974 –February 29, 1980GramleyMay 28, 1980 –September 1, 1985AngellFebruary 7, 1986 –February 9, 1994YellenAugust 12, 1994 –February 17, 1997GramlichNovember 5, 1997 –August 31, 2005KrosznerMarch 1, 2006 –January 21, 2009TarulloJanuary 28, 2009 –April 5, 2017ClaridaJanuary 14, 2022JeffersonMay 23, 2022 –present

Seat 2WarburgAugust 10, 1914 –August 9, 1918StraussOctober 26, 1918 –March 15, 1920PlattJune 8, 1920 –September 14, 1930E. MeyerMay 10, 1933BlackMay 19, 1933 –August 15, 1934 EcclesNovember 15, 1934 –February 1, 1936DavisJune 25, 1936 –April 15, 1941EvansMarch 14, 1942 –August 13, 1954P. MillerAugust 13, 1954 –October 21, 1954ShepardsonMarch 17, 1955 –April 30, 1967SherrillMay 1, 1967 –November 15, 1971 SheehanJanuary 4, 1972 –June 1, 1975JacksonJuly 14, 1975 –November 17, 1978SchultzJuly 27, 1979 –February 11, 1982P. MartinMarch 31, 1982 –April 30, 1986HellerAugust 19, 1986 –July 31, 1989MullinsMay 21, 1990 –February 14, 1994BlinderJune 27, 1994 –January 31, 1996RivlinJune 25, 1996 –July 16, 1999OlsonDecember 7, 2001 –June 30, 2006YellenOctober 4, 2010 –February 3, 2018CookMay 23, 2022 –present

Seat 3DelanoAugust 10, 1914 –July 21, 1918MoehlenpahNovember 10, 1919 –August 9, 1920WillsSeptember 29, 1920 –March 4, 1921J. MitchellMay 12, 1921 –May 12, 1923JamesMay 14, 1923 –February 3, 1936 RansomFebruary 3, 1936 –December 2, 1947McCabeApril 15, 1948 –March 31, 1951W. MartinApril 2, 1951 –January 31, 1970BurnsFebruary 1, 1970 –March 31, 1978TeetersJune 27, 1984 SegerJuly 2, 1984 –March 11, 1991PhillipsDecember 2, 1991 –June 30, 1998BiesDecember 7, 2001 –March 30, 2007DukeAugust 5, 2008 –August 31, 2013BrainardJune 16, 2014 –February 18, 2023KuglerSeptember 13, 2023 –August 8, 2025MiranSeptember 16, 2025 –May 22, 2026WarshMay 22, 2026 –present

Seat 4HardingAugust 10, 1914 –August 9, 1922CrissingerMay 1, 1923 –September 15, 1927YoungOctober 4, 1927 –August 31, 1930SzymczakJune 14, 1933 –February 1, 1936EcclesFebruary 1, 1936 –July 14, 1951MillsFebruary 18, 1952 –February 28, 1965MaiselApril 30, 1965 –May 31, 1972BucherJune 5, 1972 –January 2, 1976ParteeJanuary 5, 1976 –February 7, 1986 JohnsonFebruary 7, 1986 –August 3, 1990LindseyFebruary 5, 1997FergusonNovember 5, 1997 –April 28, 2006MishkinSeptember 5, 2006 –August 31, 2008J. PowellMay 25, 2012 –present

Seat 5A. MillerAugust 10, 1914 –February 3, 1936McKeeFebruary 3, 1936 –April 4, 1946VardamanApril 4, 1946 –November 30, 1958KingMarch 25, 1959 –September 18, 1963DaaneNovember 29, 1963 –March 4, 1974WallichMarch 8, 1974 –December 15, 1986 LaWareAugust 15, 1988 –April 30, 1995L. MeyerJune 24, 1996 –January 31, 2002KohnAugust 5, 2002 –September 1, 2010Bloom RaskinOctober 4, 2010 –March 13, 2014Wallerpresent

Seat 6CampbellMarch 14, 1923 –March 22, 1923CunninghamMay 14, 1923 –November 28, 1930MageeMay 18, 1931 –January 24, 1933ThomasJune 14, 1933 –February 10, 1936SzymczakFebruary 10, 1936 –May 31, 1961G. MitchellAugust 31, 1961 –February 13, 1976GardnerNovember 19, 1978RiceJune 20, 1979 –December 31, 1986KelleyMay 26, 1987 –December 31, 2001 BernankeAugust 5, 2002 –June 21, 2005WarshFebruary 24, 2006 –April 2, 2011SteinMay 30, 2012 –May 28, 2014QuarlesOctober 13, 2017 –December 25, 2021BarrJuly 19, 2022 –present

Seat 7BroderickFebruary 13, 1936 –September 30, 1937DraperMarch 30, 1938 –September 1, 1950NortonSeptember 1, 1950 –January 31, 1952RobertsonFebruary 18, 1952 –April 30, 1973HollandJune 11, 1973 –May 15, 1976 LillyJune 1, 1976 –February 24, 1978G. W. MillerMarch 8, 1978 –August 9, 1979VolckerAugust 9, 1979 –August 11, 1987GreenspanAugust 11, 1987 –January 31, 2006BernankeFebruary 1, 2006 –January 31, 2014FischerMay 28, 2014 –October 16, 2017Bowmanpresent

Structure of leadership The chair, vice chair, and vice chair for supervision are appointed by the president from among the sitting members of the board to serve a four-year term and they can be renominated as many times as the president chooses, subject to Senate confirmation each time, until their terms on the Board of Governors expire.

ChairHamlinAugust 10, 1914 –August 9, 1916HardingAugust 10, 1916 –August 9, 1922CrissingerMay 1, 1923 –September 15, 1927YoungOctober 4, 1927 –August 31, 1930E. MeyerMay 10, 1933BlackMay 19, 1933 –August 15, 1934 EcclesNovember 15, 1934 –January 31, 1948McCabeApril 15, 1948 –March 31, 1951W. MartinApril 2, 1951 –January 31, 1970BurnsFebruary 1, 1970 –January 31, 1978G. W. MillerMarch 8, 1978 –August 6, 1979VolckerAugust 6, 1979 –August 11, 1987GreenspanAugust 11, 1987 –January 31, 2006BernankeFebruary 1, 2006 –January 31, 2014YellenFebruary 3, 2014 –February 3, 2018J. PowellFebruary 5, 2018 –May 22, 2026WarshMay 22, 2026 –present