Federal Reserve Board of Governors

The Federal Reserve Board of Governors is the main governing body of the Federal Reserve System. It is charged with overseeing the 12 District Reserve Banks and with helping implement national monetary policy. Governors are appointed by the President of the United States and confirmed by the Senate for staggered, 14-year terms. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country", and as stipulated in the Banking Act of 1935, the Chairman and Vice Chairman 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] As an independent federal government agency,[3] 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.[4] 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.[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 current members of the Board of Governors are as follows:[6]

Commissioner Entered office[7] Term expires
Ben Bernanke
(Chairman)		 February 1, 2006 January 31, 2020
January 31, 2014 (as Chairman)
Janet Yellen
(Vice Chairman)		 October 4, 2010 January 31, 2024
October 4, 2014 (as Vice Chairman)
Vacant ——
Elizabeth A. Duke August 5, 2008 January 31, 2012
Daniel Tarullo January 28, 2009 January 31, 2022
Sarah Bloom Raskin October 4, 2010 January 31, 2016
Vacant ——

List of governors

Name Bank Begin End Notes
Frederic A. Delano Chicago 1914-08-10 1918-07-21
Paul M. Warburg New York 1914-08-10 1918-08-09
William P.G. Harding Atlanta 1914-08-10 1922-08-09 Chairman (1916-1922)
Adolph C. Miller San Francisco 1914-08-10 1936-02-03
Charles S. Hamlin Boston 1914-08-10 1936-02-03 Chairman (1914-1916)
Albert Strauss New York 1918-10-26 1920-03-15
Henry A. Moehlenpah Chicago 1919-11-10 1920-08-09
Edmund Platt New York 1920-06-20 1930-09-14
David C. Wills Cleveland 1920-09-20 1921-03-04
John R. Mitchell Minneapolis 1921-05-12 1923-05-12
Milo D. Campbell Chicago 1923-03-14 1923-03-22 Died in office
Daniel R. Crissinger Cleveland 1923-05-01 1927-09-15 Chairman (1923-1927)
Edward H. Cunningham Chicago 1923-05-14 1930-11-28 Died in office
George R. James St. Louis 1923-05-14 1936-02-03
Roy A. Young Minneapolis 1927-10-04 1930-08-31 Chairman (1927-1930)
Eugene Meyer New York 1930-09-16 1933-05-10 Chairman (1930-1933)
Wayland W. Magee Kansas City 1931-05-18 1933-01-24
Eugene R. Black Atlanta 1933-05-19 1934-08-15 Chairman (1933-1934)
J.J. Thomas Kansas City 1933-06-14 1936-02-10
M.S. Szymczak Chicago 1933-06-14 1961-05-31
Marriner S. Eccles San Francisco 1934-11-15 1951-07-14 Chairman (1934-1948)
Joseph A. Broderick New York 1936-02-03 1937-09-30
John K. McKee Cleveland 1936-02-03 1946-04-04
Ronald Ransom Atlanta 1936-02-03 1947-12-02 Died in office
Ralph W. Morrison Dallas 1936-02-10 1936-07-09
Chester C. Davis Richmond 1936-06-25 1941-04-15
Ernest G. Draper New York 1938-03-30 1950-09-01
Rudolph M. Evans Richmond 1942-03-14 1954-08-13
James K. Vardaman, Jr. St. Louis 1946-04-04 1958-11-30
Lawrence Clayton Boston 1947-02-14 1949-12-04 Died in office
Thomas B. McCabe Philadelphia 1948-04-15 1951-03-31 Chairman (1948-1951)
Edward L. Norton Atlanta 1950-09-01 1952-01-31
Oliver S. Powell Minneapolis 1950-09-01 1952-06-30
William McChesney Martin New York 1951-04-02 1970-01-31 Chairman (1951-1970)
A.L. Mills, Jr. San Francisco 1952-02-18 1965-02-28
J.L. Robertson Kansas City 1952-02-18 1973-04-30
C. Canby Balderston Philadelphia 1954-08-12 1966-02-28
Paul E. Miller Minneapolis 1954-08-13 1954-10-21 Died in office
Charles N. Shepardson Dallas 1955-03-17 1967-04-30
G.H. King, Jr. Atlanta 1959-03-25 1963-09-18
George W. Mitchell Chicago 1961-08-31 1976-02-13
J. Dewey Daane Richmond 1963-11-29 1974-03-08
Sherman J. Maisel San Francisco 1965-04-30 1972-05-31
Andrew F. Brimmer Philadelphia 1966-03-09 1974-08-31
William W. Sherrill Dallas 1967-05-01 1971-11-15
Arthur F. Burns New York 1970-01-31 1978-03-31 Chairman (1970-1978)
John E. Sheehan St. Louis 1972-01-04 1975-06-01
Jeffrey M. Bucher San Francisco 1972-06-05 1976-01-02
Robert C. Holland Kansas City 1973-06-11 1976-05-15
Henry C. Wallich Boston 1974-03-08 1986-12-15
Philip E. Coldwell Dallas 1974-10-29 1980-02-29
Philip C. Jackson, Jr. Atlanta 1975-07-14 1978-11-17
J. Charles Partee Richmond 1976-01-05 1986-02-07
Stephen S. Gardner Philadelphia 1976-02-13 1978-11-19 Died in office
David M. Lilly Minneapolis 1976-06-01 1978-02-24
G. William Miller San Francisco 1978-03-08 1979-08-06 Chairman (1978-1979)
Nancy H. Teeters Chicago 1978-09-18 1984-06-27
Emmett J. Rice New York 1979-06-20 1986-12-31
Frederick H. Schultz Atlanta 1979-07-27 1982-02-11
Paul A. Volcker Philadelphia 1979-08-06 1987-08-11 Chairman (1979-1987)
Lyle E. Gramley Kansas City 1980-05-28 1985-09-01
Preston Martin San Francisco 1982-09-31 1986-04-30
Martha R. Seger Chicago 1984-07-02 1991-03-11
Manuel H. Johnson Richmond 1986-02-07 1990-08-03
Wayne D. Angell Kansas City 1986-02-07 1994-02-09
H. Robert Heller San Francisco 1986-08-19 1989-07-31
Edward W. Kelley, Jr. Dallas 1987-05-26 2001-12-31
Alan Greenspan New York 1987-08-11 2006-01-31 Chairman (1987-2006)
John P. LaWare Boston 1988-08-15 1995-04-30
David W. Mullins, Jr. St. Louis 1990-05-21 1994-02-14
Lawrence B. Lindsey Richmond 1991-11-26 1997-02-05
Susan M. Phillips Chicago 1991-12-02 1998-06-30
Alan S. Blinder Philadelphia 1994-06-27 1996-01-31
Janet L. Yellen San Francisco 1994-08-12 1997-02-17
Laurence H. Meyer St. Louis 1996-06-24 2002-01-31
Alice M. Rivlin Philadelphia 1996-06-25 1999-07-16
Edward M. Gramlich Richmond 1997-11-05 2005-08-31
Roger W. Ferguson, Jr. Boston 1997-11-05 2006-04-28
Mark W. Olson Minneapolis 2001-12-07 2006-06-30
Susan S. Bies Chicago 2001-12-07 2007-03-30
Ben S. Bernanke Atlanta 2002-08-05 2005-06-21
Donald L. Kohn Kansas City 2002-08-05 2010-09-01
Ben S. Bernanke Atlanta 2006-02-01 2020-01-31 (sch. - Incumbent) Chairman (2006-incumbent)
Kevin M. Warsh New York 2006-02-24 2011-04-02
Randall S. Kroszner Richmond 2006-03-01 2009-01-21
Frederic S. Mishkin Boston 2006-09-05 2008-08-31
Elizabeth A. Duke Philadelphia 2008-08-05 2012-01-31 (sch. - Incumbent)
Daniel Tarullo Boston 2009-01-28 2012-01-22 (sch. - Incumbent)
Janet L. Yellen San Francisco 2010-10-04 2024-01-31 (sch. - Incumbent)
Sarah Bloom Raskin Richmond 2010-10-04 2016-01-31 (sch. - Incumbent)

References

  1. ^ See 12 U.S.C. § 241
  2. ^ Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. http://www.federalreserve.gov/generalinfo/faq/faqbog.htm. Retrieved 2009-01-16. 
  3. ^ Kennedy C. Scott v. Federal Reserve Bank of Kansas City, et al., 406 F.3d 532 (8th Cir. 2005).
  4. ^ 12 U.S.C. § 247.
  5. ^ a b c d See 12 U.S.C. § 242.
  6. ^ FRB: Board Members
  7. ^ Membership of the Board of Governors of the Federal Reserve System, 1914–Present

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