Board of Governors of the Federal Reserve System

Seal of the Federal Reserve System
Flag of the Federal Reserve System
TheEccles Building inWashington, D.C., which serves as the Federal Reserve System's headquarters
Headquarters	Eccles Building,Washington, D.C., U.S.
Established	December 23, 1913 (111 years ago) (1913-12-23)
Governing body	Board of Governors
Key people	Jerome Powell (Chair) Philip Jefferson (Vice Chair) Michelle Bowman (Vice Chair of the Federal Reserve for Supervision)
Central bank of	United States
Currency	United States dollar USD (ISO 4217)
Reserve requirements	None[1]
Bank rate	4.25%[2]
Interest rate target	4.00-4.25%[3]
Interest on reserves	4.15%[4]
Interest paid on excess reserves?	Yes
Website	www.federalreserve.gov
Federal Reserve Board of Governors
Agency overview
Jurisdiction	Federal government of the United States
Child agency	Federal Open Market Committee
Key document	Federal Reserve Act

TheBoard of Governors of the Federal Reserve System, commonly known as theFederal Reserve Board, is the main governing body of theFederal Reserve System of theUnited States of America. It oversees theFederal Reserve Banks and the implementation of themonetary policy of the United States.

Each governor is appointed by thepresident of the United States and confirmed by theSenate 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 theFederal Open Market Committee, which directs theopen market operations that sets monetary policy. The law provides for the removal of a member of the board by the president "for cause".

Thechair andvice chair are appointed by the president from among the sitting Governors. They both serve a four-year term and can be renominated by the president as many times until their terms on the Board expire. The current chair isJerome Powell; the current vice chair isPhilip Jefferson. The Federal Reserve Board is headquartered in theEccles Building onConstitution Avenue, N.W. inWashington, D.C.

Governors are appointed by thepresident of the United States and confirmed by theSenate for staggered 14-year terms.^[5][6] By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country".^[5][6] As stipulated in theBanking Act of 1935, thechair andvice chair of the Board are two of seven members of the Board of Governors who are appointed by thepresident from among the sitting governors of the Federal Reserve Banks.^[5][6]

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.^[7] The Board is required to make an annual report of operations to theSpeaker of the House.^[8] It also supervises and regulates the operations of theFederal 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, thoughnet earnings of the Federal Reserve Banks are ultimately remitted to the US Treasury.^[9]

Membership is by statute limited in term, and a member who has served for a full 14-year term is not eligible for reappointment.^[10] 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.^[10] 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",^[10] 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".^[10]

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.^[5]

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 theFederal Open Market Committee (FOMC).^[11]

Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at theNational Archives and Records Administration.^[12]

The current members of the Board of Governors are as follows:^[13]

Portrait	Current governor	Party	Term start	Term expires
	Jerome Powell (Chair)	Republican	February 5, 2018 (as chair) May 23, 2022 (reappointment)	May 15, 2026 (as chair)
			May 25, 2012 (as governor) June 16, 2014 (reappointment)	January 31, 2028 (as governor)
	Philip Jefferson (Vice Chair)	Democratic	September 13, 2023 (as vice chair)	September 7, 2027 (as vice chair)
			May 23, 2022 (as governor)	January 31, 2036 (as governor)
	Michelle Bowman (Vice Chair for Supervision)	Republican	June 9, 2025 (as vice chair)	June 9, 2029 (as vice chair)
			November 26, 2018 (as governor) February 1, 2020 (reappointment)	January 31, 2034 (as governor)
	Christopher Waller	Republican	December 18, 2020	January 31, 2030
	Lisa Cook[a]	Democratic	May 23, 2022 February 1, 2024 (reappointment)	January 31, 2038
	Michael Barr	Democratic	July 19, 2022	January 31, 2032
	Stephen Miran	Republican	September 16, 2025	January 31, 2026

There are eight committees.^[15]

• 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

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.^[16]

Status

• Italics denotes date of term expiration

The Federal Reserve Board has seven seats subject to Senate confirmation, separate from a member's term as chair or vice chair.^{[16][18][19][20]}

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.^[16]

In late December 2011, PresidentBarack Obama nominatedJeremy C. Stein, aHarvard University finance professor and aDemocrat, andJerome Powell, formerly ofDillon Read,Bankers Trust^[21] andThe Carlyle Group^[22] and aRepublican. Both candidates also haveTreasury Department experience in the Obama andGeorge H. W. Bush administrations respectively.^[21]

"Obama administration officials [had] regrouped to identify Fed candidates afterPeter Diamond, a Nobel Prize-winning economist, withdrew his nomination to the board in June [2011] in the face of Republican opposition.Richard Clarida, a potential nominee who was a Treasury official underGeorge W. Bush, pulled out of consideration in August [2011]", one account of the December nominations noted.^[23] The two other Obama nominees in 2011,Janet Yellen andSarah Bloom Raskin,^[24] were confirmed in September.^[25] One of the vacancies was created in 2011 with the resignation ofKevin Warsh, who took office in 2006 to fill the unexpired term ending January 31, 2018, and resigned his position effective March 31, 2011.^[26][27] In March 2012, U.S. SenatorDavid Vitter (R,LA) said he would oppose Obama's Stein and Powell nominations, dampening near-term hopes for approval.^[28] However, Senate leaders reached a deal, paving the way for affirmative votes on the two nominees in May 2012 and bringing the board to full strength for the first time since 2006^[29]with Duke's service after term end. Later, on January 6, 2014, the United States Senate confirmed Yellen's nomination to be chair of the Federal Reserve Board of Governors; she was the first woman to hold the position.^[30] Subsequently, President Obama nominatedStanley Fischer to replace Yellen as the vice-chair.^[31]

In April 2014, Stein announced he was leaving to return to Harvard on May 28 with four years remaining on his term. At the time of the announcement, the FOMC "already is down three members as it awaits the Senate confirmation of ... Fischer andLael Brainard, and as [President] Obama has yet to name a replacement for ... Duke. ... Powell is still serving as he awaits his confirmation for a second term."^[32]

Allan R. Landon, former president and CEO of theBank of Hawaii, was nominated in early 2015 by President Obama to the board.^[33]

In July 2015, President Obama nominatedUniversity of Michigan economistKathryn M. Dominguez to fill the second vacancy on the board. The Senate had not yet acted on Landon's confirmation by the time of the second nomination.^[34]

Daniel Tarullo submitted his resignation from the board on February 10, 2017, effective on or around April 5, 2017.^[35]

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

In addition some have been announced but never formally nominated before being withdrawn from consideration.Alicia Munnell, representingBoston, was announced to fill LaWare's seat byBill Clinton in 1995.^[36]Felix Rohatyn (district unknown) was announced to fillAlan Blinder's as vice chair and his seat in 1996.^[37]Steve Moore andHerman Cain were announced to fill Bloom Raskin and Yellen's seats (without specifying which seat or district) byDonald Trump in 2019.^[38][39]

• Banking Act of 1933 and1935 - created and gave voting rights to the seven Federal Reserve Board of Governors appointed by thepresident and 12Federal Open Market Committee members.

Wikimedia Commons has media related toFederal Reserve Board of Governors.

• Federal Reserve List of Governors
• Board of Governors of the Federal Reserve System in theFederal Register
• Nomination hearings for Chairmen and Members of the Board of Governors of the Federal Reserve System
• Public Statements of Federal Reserve Board Members and Chairmen
• Minutes of Meetings of the Board of Governors of the Federal Reserve System
• Works by the Board of Governors

 This article incorporatespublic domain material from websites or documents of theNational Archives and Records Administration.

• Federal Reserve System governors
• 1914 establishments in the United States
• Financial regulatory authorities of the United States

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