Federal Reserve Board of Governors

Federal Reserve Board of Governors

Federal Reserve System headquarters (Eccles Building)

Federal Reserve System headquarters (Eccles Building)
Headquarters Washington, D.C.
Chairperson Janet Yellen

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 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 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]

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]

Current members

The current members of the Board of Governors are as follows:[5]

Governor Entered office[6] Term expires
Janet Yellen
(Chair)		 February 3, 2014 (as Chair) February 3, 2018 (as Chair)
January 31, 2024 (as Governor)
Stanley Fischer
(Vice-Chair)		 June 16, 2014 (as Vice-Chair)[7] June 12, 2018 (as Vice Chair)
January 31, 2020 (as Governor)
Jerome H. Powell May 25, 2012 January 31, 2028
Lael Brainard June 16, 2014 January 31, 2026
Vacant
Vacant
Vacant

Committees

  • Committee on Board Affairs
    • Governor Powell, Chairman
    • Vice Chairman Fischer
  • Committee on Consumer and Community Affairs
    • Governor Brainard, Chair
    • Vacant
  • Committee on Economic and Financial Monitoring and Research
    • Vice Chairman Fischer, Chairman
    • Governor Brainard
  • Committee on Financial Stability
    • Vice Chairman Fischer, Chairman
    • Governor Brainard
    • Vacant
  • Committee on Federal Reserve Bank Affairs
    • Governor Powell, Chairman
    • Governor Brainard
  • Committee on Bank Supervision
    • Vacant, Chairman
    • Governor Powell
    • Governor Brainard
  • Subcommittee on Smaller Regional and Community Banking
    • Governor Powell, Chairman
    • Governor Brainard
  • Committee on Payments, Clearing, and Settlement
    • Governor Powell, Chairman
    • Vacant

Source: [8]

List of governors

Board of Governors meeting January 1, 1922.
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
Janet Yellen San Francisco October 4, 2010 January 31, 2024 (Incumbent) Chair (2014–present)
Sarah Bloom Raskin Richmond October 4, 2010 March 13, 2014 3
Jerome H. Powell New York May 25, 2012 January 31, 2028 (Incumbent)
Jeremy C. Stein Chicago May 30, 2012 May 28, 2014 2
Stanley Fischer New York May 28, 2014 January 31, 2020 (Incumbent)
Lael Brainard June 16, 2014 January 31, 2026 (Incumbent)

References

  1. 1 2 3 4 See 12 U.S.C. § 241
  2. 1 2 3 Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Retrieved 2009-01-16.
  3. ↑ 12 U.S.C. § 247.
  4. 1 2 3 4 See 12 U.S.C. § 242.
  5. ↑ "FRB: Board Members". Federalreserve.gov. 2013-09-03. Retrieved 2014-01-11.
  6. ↑ "Membership of the Board of Governors of the Federal Reserve System, 1914–Present". FederalReserve.gov. Retrieved 2014-06-13.
  7. ↑ Schroeder, Robert, , FRB Website, June 16, 2014. Retrieved 2014-06-16.
  8. ↑ "About the Fed" on the Federal Reserve Board of Governors website
  9. ↑ http://www.federalreservehistory.org/People/DetailView/87
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