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Federal Reserve Board of Governors

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Federal Reserve Board of Governors
Federal Reserve System headquarters
Federal Reserve System headquarters
HeadquartersEccles Building
Washington, D.C.
ChairmanJerome Powell

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]

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 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)
Michael Barr
(Vice Chair for Supervision) 		Democratic July 19, 2022 (as Vice Chair for Supervision) July 13, 2026 (as Vice Chair for Supervision)
July 19, 2022 (as Governor) January 31, 2032 (as Governor)
Michelle Bowman Republican November 26, 2018
February 1, 2020 (reappointment) 		January 31, 2034
Christopher Waller Republican December 18, 2020 January 31, 2030
Lisa Cook Democratic May 23, 2022
February 1, 2024 (reappointment) 		January 31, 2038
Adriana Kugler Democratic September 13, 2023 January 31, 2026

Nominated Members

President Donald Trump had nominated Marvin Goodfriend and Nellie Liang to fill the remaining two vacancies. Goodfriend and Liang had Senate Banking Committee hearings, and Goodfriend received a committee vote.[9] Liang withdrew herself as a nominee on January 7, 2019, after months passed without the full Republican-led Senate granting her a hearing.[10] Goodfriend's nomination expired with the new Congress in January 2019.[11] Trump then nominated Stephen Moore[12] and, later, Herman Cain.[13] Both Cain and Moore later withdrew their names from consideration.[14][15]

On July 3, 2019, President Trump announced that he will nominate Christopher Waller and Judy Shelton.

Committees

List of governors

Board of Governors meeting January 1, 1922.
Current and living former Governors, 2013
Name[17] Bank Begin End Term (Years) Notes
Frederic A. Delano Chicago August 10, 1914 July 21, 1918 4
Paul M. Warburg New York August 10, 1914 August 9, 1918 4
William P.G. Harding Atlanta August 10, 1914 August 9, 1922 8 Chairman (1916–1922)
Adolph C. Miller San Francisco August 10, 1914 February 3, 1936 12
Charles S. Hamlin Boston August 10, 1914 February 3, 1936 12 Chairman (1914–1916)
Albert Strauss New York October 26, 1918 March 15, 1920 2
Henry A. Moehlenpah Chicago November 10, 1919 August 9, 1920 1
Edmund Platt New York June 20, 1920 September 14, 1930 10
David C. Wills Cleveland September 20, 1920 March 4, 1921 1
John R. Mitchell Minneapolis May 12, 1921 May 12, 1923 2
Milo D. Campbell Chicago March 14, 1923 March 22, 1923 <1 Died in office
Daniel R. Crissinger Cleveland May 1, 1923 September 15, 1927 4 Chairman (1923–1927)
Edward H. Cunningham Chicago May 14, 1923 November 28, 1930 7 Died in office
George R. James St. Louis May 14, 1923 February 3, 1936 13
Roy A. Young Minneapolis October 4, 1927 August 31, 1930 3 Chairman (1927–1930)
Eugene Meyer New York September 16, 1930 May 10, 1933 3 Chairman (1930–1933)
Wayland W. Magee Kansas City May 18, 1931 January 24, 1933 2
Eugene R. Black Atlanta May 19, 1933 August 15, 1934 1 Chairman (1933–1934)
J.J. Thomas Kansas City June 14, 1933 February 10, 1936 3
M.S. Szymczak Chicago June 14, 1933 May 31, 1961 28
Marriner S. Eccles San Francisco November 15, 1934 July 14, 1951 17 Chairman (1934–1948)
Joseph A. Broderick New York February 3, 1936 September 30, 1937 2
John K. McKee Cleveland February 3, 1936 April 4, 1946 10
Ronald Ransom Atlanta February 3, 1936 December 2, 1947 12 Died in office
Ralph W. Morrison Dallas February 10, 1936 July 9, 1936 <1
Chester C. Davis Richmond June 25, 1936 April 15, 1941 5
Ernest G. Draper New York March 30, 1938 September 1, 1950 12
Rudolph M. Evans Richmond March 14, 1942 August 13, 1954 12
James K. Vardaman Jr. St. Louis April 4, 1946 November 30, 1958 12
Lawrence Clayton Boston February 14, 1947 December 4, 1949 3 Died in office
Thomas B. McCabe Philadelphia April 15, 1948 March 31, 1951 3 Chairman (1948–1951)
Edward L. Norton Atlanta September 1, 1950 January 31, 1952 1
Oliver S. Powell Minneapolis September 1, 1950 June 30, 1952 2
William McChesney Martin New York April 2, 1951 January 31, 1970 19 Chairman (1951–1970)
A.L. Mills Jr. San Francisco February 18, 1952 February 28, 1965 13
J.L. Robertson Kansas City February 18, 1952 April 30, 1973 21
C. Canby Balderston Philadelphia August 12, 1954 February 28, 1966 12
Paul E. Miller Minneapolis August 13, 1954 October 21, 1954 <1 Died in office
Charles N. Shepardson Dallas March 17, 1955 April 30, 1967 12
G.H. King Jr. Atlanta March 25, 1959 September 18, 1963 4
George W. Mitchell Chicago August 31, 1961 February 13, 1976 14
J. Dewey Daane Richmond November 29, 1963 March 8, 1974 11
Sherman J. Maisel San Francisco April 30, 1965 May 31, 1972 7
Andrew F. Brimmer Philadelphia March 9, 1966 August 31, 1974 8
William W. Sherrill Dallas May 1, 1967 November 15, 1971 5
Arthur F. Burns New York January 31, 1970 March 31, 1978 8 Chairman (1970–1978)
John E. Sheehan St. Louis January 4, 1972 June 1, 1975 3
Jeffrey M. Bucher San Francisco June 5, 1972 January 2, 1976 4
Robert C. Holland Kansas City June 11, 1973 May 15, 1976 3
Henry C. Wallich Boston March 8, 1974 December 15, 1986 12
Philip E. Coldwell Dallas October 29, 1974 February 29, 1980 6
Philip C. Jackson Jr. Atlanta July 14, 1975 November 17, 1978 3
J. Charles Partee Richmond January 5, 1976 February 7, 1986 10
Stephen S. Gardner Philadelphia February 13, 1976 November 19, 1978 3 Died in office
David M. Lilly Minneapolis June 1, 1976 February 24, 1978 2
G. William Miller San Francisco March 8, 1978 August 6, 1979 1 Chairman (1978–1979)
Nancy H. Teeters Chicago September 18, 1978 June 27, 1984 6
Emmett J. Rice New York June 20, 1979 December 31, 1986 8
Frederick H. Schultz Atlanta July 27, 1979 February 11, 1982 3
Paul A. Volcker Philadelphia August 6, 1979 August 11, 1987 8 Chairman (1979–1987)
Lyle E. Gramley Kansas City May 28, 1980 September 1, 1985 5
Preston Martin[18] San Francisco March 31, 1982 April 30, 1986 4
Martha R. Seger Chicago July 2, 1984 March 11, 1991 7
Manuel H. Johnson Richmond February 7, 1986 August 3, 1990 4
Wayne D. Angell Kansas City February 7, 1986 February 9, 1994 8
H. Robert Heller San Francisco August 19, 1986 July 31, 1989 3
Edward W. Kelley Jr. Dallas May 26, 1987 December 31, 2001 14
Alan Greenspan New York August 11, 1987 January 31, 2006 19 Chairman (1987–2006)
John P. LaWare Boston August 15, 1988 April 30, 1995 7
David W. Mullins Jr. St. Louis May 21, 1990 February 14, 1994 4
Lawrence B. Lindsey Richmond November 26, 1991 February 5, 1997 5
Susan M. Phillips Chicago December 2, 1991 June 30, 1998 7
Alan S. Blinder Philadelphia June 27, 1994 January 31, 1996 2
Janet Yellen San Francisco August 12, 1994 February 17, 1997 3
Laurence H. Meyer St. Louis June 24, 1996 January 31, 2002 6
Alice M. Rivlin Philadelphia June 25, 1996 July 16, 1999 3
Edward M. Gramlich Richmond November 5, 1997 August 31, 2005 8
Roger W. Ferguson Jr. Boston November 5, 1997 April 28, 2006 8
Mark W. Olson Minneapolis December 7, 2001 June 30, 2006 5
Susan S. Bies Chicago December 7, 2001 March 30, 2007 5
Ben S. Bernanke Atlanta August 5, 2002 June 21, 2005 3
Donald L. Kohn Kansas City August 5, 2002 September 1, 2010 8
Ben S. Bernanke Atlanta February 1, 2006 January 31, 2014 8 Chairman (2006–2014)
Kevin M. Warsh New York February 24, 2006 April 2, 2011 5
Randall S. Kroszner Richmond March 1, 2006 January 21, 2009 3
Frederic S. Mishkin Boston September 5, 2006 August 31, 2008 2
Elizabeth A. Duke Philadelphia August 5, 2008 August 31, 2013 5
Daniel Tarullo Boston January 28, 2009 April 5, 2017 8
Janet Yellen San Francisco October 4, 2010 February 3, 2018 7 Chair (2014–2018)
Sarah Bloom Raskin Richmond October 4, 2010 March 13, 2014 3
Jerome Powell New York May 25, 2012 January 31, 2028 (Incumbent) Chairman (2018–present)
Jeremy C. Stein Chicago May 30, 2012 May 28, 2014 2
Stanley Fischer New York May 28, 2014 October 13, 2017 3
Lael Brainard Richmond June 16, 2014 January 31, 2026 (Incumbent)
Randal Quarles Kansas City October 13, 2017 January 31, 2032 (Incumbent) Vice Chairman for Supervision (2017–present)
Richard H. Clarida Boston September 17, 2018 January 31, 2022 Vice Chairman of the Fed

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: 12. 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. ^ Long, Heather (September 19, 2018). "Trump nominates economist Nellie Liang to fill the last Federal Reserve board seat". The Washington Post.
  10. ^ Timiraos, Nick (January 7, 2019). "Nellie Liang Withdraws From Consideration for Fed Board Seat". The Wall Street Journal.
  11. ^ Croce, Brian (January 23, 2019). "Uncertainty surrounds Marvin Goodfriend's Fed board nomination". Pensions & Investments.
  12. ^ Timiraos, Nick (2019-03-22). "Trump Offers Fed Board Position to Economic Commentator Stephen Moore". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-03-25.
  13. ^ Borak, Donna (2019-04-04). "Trump says he's recommending Herman Cain to Fed". CNN. Retrieved 2019-04-08.
  14. ^ Trump, Donald J. (2019-04-22). "My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes. Herman is a great American who truly loves our Country!". @realdonaldtrump. Retrieved 2019-05-02.
  15. ^ Trump, Donald J. (2019-05-02). "Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process. Steve won the battle of ideas including Tax Cuts..." @realdonaldtrump. Retrieved 2019-05-02.
  16. ^ "About the Fed" on the Federal Reserve Board of Governors website
  17. ^ [1] Board of Governors of the Federal Reserve System. (n.d.). Board Members.
  18. ^ "Preston Martin - Federal Reserve History". www.federalreservehistory.org. Retrieved 19 March 2018.
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