Federal Reserve Board of Governors

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Template:Short description Script error: No such module "Infobox".Template:Template other 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] It is headquartered in the Eccles Building on Constitution Avenue, N.W. in Washington, D.C.

Statutory description

File:Federal Reserve Governors meeting April 2019 (47679887231).jpg
A Board of Governors meeting in April 2019

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 of the Federal Reserve Banks.[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, the members function 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 House.[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; however, since net earnings of the Federal Reserve Banks are ultimately remitted to the US Treasury,[5] and spending by the Federal Reserve System reduces the size of these remittances, the effects of this source-of-funding distinction are largely optical.

Membership is by statute limited in term, and a member who has served for a full 14-year term is not eligible for reappointment.[6] 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.[6] 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",[6] 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".[6]

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 set U.S. monetary policy through their membership in the Federal Open Market Committee (FOMC).[7]

Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives and Records Administration.[8]

Current members

The current members of the Board of Governors are as follows:[9]

Template:Current Federal Reserve governors

Committees

File:US Federal Reserve Board of Governors meeting 1922.jpg
A Board of Governors meeting on January 1, 1922

There are eight committees.[10]

  • 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

File:Federal Reserve Board of Governors 2022 (52227599870).jpg
The Federal Reserve Board of Governors in 2022
File:BDM ALL cent grp 121613 0518 02819 (14083677154).jpg
Current and living former governors as of May 1, 2014

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.[11]

Status

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  Denotes a current member
  • Italics denotes date of term expiration
Name Regional Bank Term start Term end Tenure length Initial
appointment 		Departure reason
Script error: No such module "Sort". Boston Template:Dts Template:Dts Template:Age in years and days Wilson Retired
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Wilson Term expired
Script error: No such module "Sort". Chicago Template:Dts Template:Dts Template:Age in years and days Wilson Resigned
Script error: No such module "Sort". Atlanta Template:Dts Template:Dts Template:Age in years and days Wilson Term expired
Script error: No such module "Sort". San Francisco
(1914–1934)Script error: No such module "Check for unknown parameters". 		Template:Dts Template:Dts Template:Age in years and days Wilson Retired
Richmond
(1934–1936)Script error: No such module "Check for unknown parameters".
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Wilson Resigned
Script error: No such module "Sort". Chicago Template:Dts Template:Dts 0 years, Template:Age in years and days Wilson Term expired
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Wilson Resigned
Script error: No such module "Sort". Cleveland Template:Dts Template:Dts 0 years, Template:Age in years and days Wilson Term expired
Script error: No such module "Sort". Minneapolis Template:Dts Template:Dts Template:Age in years and days Harding Resigned
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Script error: No such module "Sort". Cleveland Template:Dts Template:Dts Template:Age in years and days Harding Resigned
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Script error: No such module "Sort". St. Louis Template:Dts Template:Dts Template:Age in years and days Harding Retired
Script error: No such module "Sort". Minneapolis Template:Dts Template:Dts Template:Age in years and days Coolidge Resigned
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Hoover Resigned
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Script error: No such module "Sort". Atlanta Template:Dts Template:Dts Template:Age in years and days F. Roosevelt Resigned
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Script error: No such module "Sort". Kansas City Template:Dts Template:Dts Template:Age in years and days F. Roosevelt Retired
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Script error: No such module "Sort". Cleveland Template:Dts Template:Dts Template:Age in years and days F. Roosevelt Retired
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Script error: No such module "Sort". Dallas Template:Dts Template:Dts 0 years, Template:Age in years and days F. Roosevelt Resigned
Script error: No such module "Sort". Richmond Template:Dts Template:Dts Template:Age in years and days F. Roosevelt Resigned
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days F. Roosevelt Retired
Script error: No such module "Sort". Richmond Template:Dts Template:Dts Template:Age in years and days F. Roosevelt Retired
Script error: No such module "Sort". St. Louis Template:Dts Template:Dts Template:Age in years and days Truman Resigned
Script error: No such module "Sort". Boston Template:Dts Template:Dts Template:Age in years and days Truman Died in office
Script error: No such module "Sort". Philadelphia Template:Dts Template:Dts Template:Age in years and days Truman Resigned
Script error: No such module "Sort". Atlanta Template:Dts Template:Dts Template:Age in years and days Truman Resigned
Script error: No such module "Sort". Minneapolis Template:Dts Template:Dts Template:Age in years and days Truman Resigned
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Truman Term expired
Script error: No such module "Sort". San Francisco Template:Dts Template:Dts Template:Age in years and days Truman Resigned
Script error: No such module "Sort". Kansas City Template:Dts Template:Dts Template:Age in years and days Truman Resigned
Script error: No such module "Sort". Philadelphia Template:Dts Template:Dts Template:Age in years and days Eisenhower Retired
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Script error: No such module "Sort". Dallas Template:Dts Template:Dts Template:Age in years and days Eisenhower Retired
Script error: No such module "Sort". Atlanta Template:Dts Template:Dts Template:Age in years and days Eisenhower Resigned
Script error: No such module "Sort". Chicago Template:Dts Template:Dts Template:Age in years and days Kennedy Retired
Script error: No such module "Sort". Richmond Template:Dts Template:Dts Template:Age in years and days Kennedy Retired
Script error: No such module "Sort". San Francisco Template:Dts Template:Dts Template:Age in years and days Johnson Retired
Script error: No such module "Sort". Philadelphia Template:Dts Template:Dts Template:Age in years and days Johnson Resigned
Script error: No such module "Sort". Dallas Template:Dts Template:Dts Template:Age in years and days Johnson Resigned
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Nixon Resigned
Script error: No such module "Sort". St. Louis Template:Dts Template:Dts Template:Age in years and days Nixon Resigned
Script error: No such module "Sort". San Francisco Template:Dts Template:Dts Template:Age in years and days Nixon Resigned
Script error: No such module "Sort". Kansas City Template:Dts Template:Dts Template:Age in years and days Nixon Resigned
Script error: No such module "Sort". Boston Template:Dts Template:Dts Template:Age in years and days Nixon Resigned
Script error: No such module "Sort". Dallas Template:Dts Template:Dts Template:Age in years and days Ford Retired
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Script error: No such module "Sort". Philadelphia Template:Dts Template:Dts Template:Age in years and days Ford Died in office
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Script error: No such module "Sort". Chicago Template:Dts Template:Dts Template:Age in years and days Carter Resigned
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Carter Resigned
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Script error: No such module "Sort". San Francisco Template:Dts Template:Dts Template:Age in years and days Reagan Resigned
Script error: No such module "Sort". Chicago Template:Dts Template:Dts Template:Age in years and days Reagan Resigned
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Script error: No such module "Sort". San Francisco Template:Dts Template:Dts Template:Age in years and days Reagan Resigned
Script error: No such module "Sort". Dallas Template:Dts Template:Dts Template:Age in years and days Reagan Resigned
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days Reagan Term expired
Script error: No such module "Sort". Boston Template:Dts Template:Dts Template:Age in years and days Reagan Resigned
Script error: No such module "Sort". St. Louis Template:Dts Template:Dts Template:Age in years and days G. H. W. Bush Resigned
Script error: No such module "Sort". Richmond Template:Dts Template:Dts Template:Age in years and days G. H. W. Bush Resigned
Script error: No such module "Sort". Chicago Template:Dts Template:Dts Template:Age in years and days G. H. W. Bush Resigned
Script error: No such module "Sort". Philadelphia Template:Dts Template:Dts Template:Age in years and days Clinton Term expired
Script error: No such module "Sort". San Francisco Template:Dts Template:Dts Template:Age in years and days Clinton Resigned
Script error: No such module "Sort". St. Louis Template:Dts Template:Dts Template:Age in years and days Clinton Term expired
Script error: No such module "Sort". Philadelphia Template:Dts Template:Dts Template:Age in years and days Clinton Resigned
Script error: No such module "Sort". Boston Template:Dts Template:Dts Template:Age in years and days Clinton Resigned
Script error: No such module "Sort". Richmond Template:Dts Template:Dts Template:Age in years and days Clinton Resigned
Script error: No such module "Sort". Chicago Template:Dts Template:Dts Template:Age in years and days G. W. Bush Resigned
Script error: No such module "Sort". Minneapolis Template:Dts Template:Dts Template:Age in years and days G. W. Bush Resigned
Script error: No such module "Sort". Atlanta Template:Dts Template:Dts Template:Age in years and days G. W. Bush Resigned
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Script error: No such module "Sort". Atlanta Template:Dts Template:Dts Template:Age in years and days G. W. Bush Resigned
Script error: No such module "Sort". New York Template:Dts Template:Dts Template:Age in years and days G. W. Bush Resigned
Script error: No such module "Sort". Richmond Template:Dts Template:Dts Template:Age in years and days G. W. Bush Resigned
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Script error: No such module "Sort". Boston Template:Dts Template:Dts Template:Age in years and days Obama Resigned
Script error: No such module "Sort". Richmond Template:Dts Template:Dts Template:Age in years and days Obama Resigned
Script error: No such module "Sort". San Francisco Template:Dts Template:Dts Template:Age in years and days Obama Resigned
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Script error: No such module "Sort". Chicago Template:Dts Template:Dts Template:Age in years and days Obama Resigned
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Script error: No such module "Sort". Kansas City Template:Dts Template:Dts Template:Age in years and days Trump I Resigned
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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.[11][12][13][14]

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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.[11]

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Unsuccessful nominations

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, representing Boston, was announced to fill LaWare's seat by Bill Clinton in 1995.[15] Felix Rohatyn (district unknown) was announced to fill Alan Blinder's as vice chair and his seat in 1996.[16] Steve Moore and Herman Cain were announced to fill Bloom Raskin and Yellen's seats (without specifying which seat or district) by Donald Trump in 2019.[17][18]

Nominee Regional Bank Year Vacancy President Outcome
Script error: No such module "Sort". Chicago 1999 Script error: No such module "Sort". Script error: No such module "Sort". No action[19]
Script error: No such module "Sort". Richmond 2007 Script error: No such module "Sort". Script error: No such module "Sort". No action[20]
Script error: No such module "Sort". Chicago 2010 Script error: No such module "Sort". Script error: No such module "Sort". No action[21]
No action[22]
2011 Withdrawn[23]
Script error: No such module "Sort". San Francisco 2015 Script error: No such module "Sort". Script error: No such module "Sort". No action[24][25]
Script error: No such module "Sort". Chicago 2015 Script error: No such module "Sort". Script error: No such module "Sort". No action[26]
Script error: No such module "Sort". Philadelphia 2017 Script error: No such module "Sort". Script error: No such module "Sort". No action[27]
2018 No action[28]
Script error: No such module "Sort". Chicago 2018 Script error: No such module "Sort". Script error: No such module "Sort". No action[29]
Script error: No such module "Sort". San Francisco 2020 Script error: No such module "Sort". Script error: No such module "Sort". No action[30]
2021 Withdrawn[31]
Script error: No such module "Sort". Not specified 2022 Script error: No such module "Sort". Script error: No such module "Sort". Withdrawn[32][33]

References

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  1. ↑ a b c d See 12 U.S.C. Template:Trim/Template:Trim § Template:Trim
  2. ↑ a b c Script error: No such module "citation/CS1".
  3. ↑ Federal Reserve Board of Governors – Appointments Template:Bare URL inline
  4. ↑ 12 U.S.C. Template:Trim/Template:Trim § Template:Trim.
  5. ↑ Script error: No such module "citation/CS1".
  6. ↑ a b c d See 12 U.S.C. Template:Trim/Template:Trim § Template:Trim.
  7. ↑ Script error: No such module "citation/CS1".
  8. ↑ Script error: No such module "Citation/CS1".
  9. ↑ Script error: No such module "citation/CS1".
  10. ↑ "About the Fed" on the Federal Reserve Board of Governors website
  11. ↑ a b c Script error: No such module "citation/CS1".
  12. ↑ Script error: No such module "citation/CS1".
  13. ↑ Script error: No such module "citation/CS1".
  14. ↑ Script error: No such module "Citation/CS1".
  15. ↑ Script error: No such module "citation/CS1".
  16. ↑ Script error: No such module "citation/CS1".
  17. ↑ Script error: No such module "citation/CS1".
  18. ↑ Script error: No such module "citation/CS1".
  19. ↑ PN480 — Carol J. Parry — Board of Governors of the Federal Reserve System 106th Congress (1999–2000)
  20. ↑ PN569 — Larry Allan Klane — Federal Reserve System, 110th Congress (2007–2008)
  21. ↑ PN1726 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  22. ↑ PN2121 — Peter A. Diamond — Federal Reserve System 111th Congress (2009–2010)
  23. ↑ PN52 — Peter A. Diamond — Federal Reserve System 112th Congress (2011–2012)
  24. ↑ PN2 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  25. ↑ PN3 — Allan R. Landon — Federal Reserve System 114th Congress (2015–2016)
  26. ↑ PN674 — Kathryn M. Dominguez — Federal Reserve System 114th Congress (2015–2016)
  27. ↑ PN1279 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  28. ↑ PN1348 — Marvin Goodfriend — Federal Reserve System 115th Congress (2017–2018)
  29. ↑ PN2543 — Jean Nellie Liang — Federal Reserve System 115th Congress (2017–2018)
  30. ↑ PN1422 — Judy Shelton — Federal Reserve System 116th Congress (2019–2020)
  31. ↑ PN3 — Judy Shelton — Federal Reserve System 117th Congress (2021–2022)
  32. ↑ PN1677 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)
  33. ↑ PN1678 — Sarah Bloom Raskin — Federal Reserve System 117th Congress (2021–2022)

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External links

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