Federal Reserve Board of Governors
Federal Reserve System headquarters | |
Headquarters |
Eccles Building Washington, D.C. |
---|---|
Chairman | Jerome 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]
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 Board of Governors does not receive funding from Congress, and 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. The Board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives.[3] It also supervises and regulates the operations of the Federal Reserve Banks, and the U.S. banking system in general.
Membership is by statute limited in term, and a member that has served for a full 14 year term is not eligible for reappointment.[4] 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.[4] 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",[4] 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".[4]
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).[5]
Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives of the United States[6].
Current members
The current members of the Board of Governors are as follows:[7]
Photo | Governor | Political Party | Entered office | Term expires |
---|---|---|---|---|
Jerome Powell (Chairman) |
Republican | February 5, 2018 (as Chairman) May 25, 2012 (as Governor) June 16, 2014 (new term) |
February 5, 2022 (as Chairman) January 31, 2028 (as Governor) | |
Richard Clarida (Vice Chairman) |
Republican | September 17, 2018 (as Vice Chairman) September 17, 2018 |
September 17, 2022 (as Vice Chairman) January 31, 2022 (as Governor) | |
Randal Quarles (Vice Chairman for Supervision) |
Republican | October 13, 2017 (as Vice Chairman for Supervision) October 13, 2017 |
October 13, 2021 (as Vice Chairman for Supervision) January 31, 2032 (as Governor) | |
Lael Brainard | Democratic | June 16, 2014 | January 31, 2026 | |
Vacant | January 31, 2020* | |||
Vacant | January 31, 2024* | |||
Vacant | January 31, 2030* |
*Indicates the date of term expiration for the individual nominated to this vacant position.
Committees
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Source: [8]
List of governors
Name | 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[9] | 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) |
Source: [10]
References
- 1 2 3 4 See 12 U.S.C. § 241
- 1 2 3 Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved 2009-01-16.
- ↑ 12 U.S.C. § 247.
- 1 2 3 4 See 12 U.S.C. § 242.
- ↑ "The Three Key System Entities" (PDF). Board of Governors of the Federal Reserve System.
- ↑ 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.
- ↑ "FRB: Board Members". Federalreserve.gov. 2013-09-03. Retrieved 2014-01-11.
- ↑ "About the Fed" on the Federal Reserve Board of Governors website
- ↑ "Preston Martin - Federal Reserve History". www.federalreservehistory.org. Retrieved 19 March 2018.
- ↑ Board of Governors of the Federal Reserve System. (n.d.). Board Members.
External links
Wikimedia Commons has media related to Federal Reserve Board of Governors. |
- Federal Reserve List of Governors
- 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