Federal Reserve Board of Governors


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 of the United States of America. It oversees the Federal Reserve Banks and the implementation of the monetary policy of the United States.
Each governor is appointed by the president of the United States and confirmed by the Senate to staggered 14-year terms, such that the tenures of all seven members span multiple presidential and congressional terms. Members who have served a full term are not eligible for reappointment, although governors who were initially appointed to serve an uncompleted term may be reappointed to a full term.
All seven board members of the Federal Reserve Board of Governors, along with the five Federal Reserve Bank presidents, are members of the Federal Open Market Committee, which directs the open market operations that sets monetary policy. The law provides for the removal of a member of the board by the president "for cause".
The chair and vice chair are appointed by the president from among the sitting Governors. They both serve a four-year term and can be renominated by the president as many times until their terms on the board expire. The current chair is Jerome Powell; the current vice chair is Philip Jefferson. The Federal Reserve Board is headquartered in the Eccles Building on Constitution Avenue, N.W. in Washington, D.C.

Statutory description

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". 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.
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. The board is required to make an annual report of operations to the speaker of the House. 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, though net earnings of the Federal Reserve Banks are ultimately remitted to the US Treasury.
Membership is by statute limited in term, and a member who has served for a full 14-year term is not eligible for reappointment. However, individuals have been appointed to serve the remainder of another member's uncompleted term and thereafter reappointed to serve a full 14-year term. 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", 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".
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.
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.
Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives and Records Administration.

Current members

The current members of the Board of Governors are as follows:

Committees

There are eight committees.
  • 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

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.
Status
  • Italics denotes date of term expiration
NameRegional BankTerm startTerm endTenure lengthInitial
appointment		Departure reason
BostonWilsonRetired
New YorkWilsonTerm expired
ChicagoWilsonResigned
AtlantaWilsonTerm expired
San Francisco
WilsonRetired
Richmond
WilsonRetired
New YorkWilsonResigned
Chicago0 years, WilsonTerm expired
New YorkWilsonResigned
Cleveland0 years, WilsonTerm expired
MinneapolisHardingResigned
Chicago0 years, HardingDied in office
ClevelandHardingResigned
ChicagoHardingDied in office
St. LouisHardingRetired
MinneapolisCoolidgeResigned
New YorkHooverResigned
Kansas CityHooverTerm expired
AtlantaF. RooseveltResigned
ChicagoF. RooseveltResigned
Kansas CityF. RooseveltRetired
San FranciscoF. RooseveltResigned
New YorkF. RooseveltResigned
ClevelandF. RooseveltRetired
AtlantaF. RooseveltDied in office
Dallas0 years, F. RooseveltResigned
RichmondF. RooseveltResigned
New YorkF. RooseveltRetired
RichmondF. RooseveltRetired
St. LouisTrumanResigned
BostonTrumanDied in office
PhiladelphiaTrumanResigned
AtlantaTrumanResigned
MinneapolisTrumanResigned
New YorkTrumanTerm expired
San FranciscoTrumanResigned
Kansas CityTrumanResigned
PhiladelphiaEisenhowerRetired
Minneapolis0 years, EisenhowerDied in office
DallasEisenhowerRetired
AtlantaEisenhowerResigned
ChicagoKennedyRetired
RichmondKennedyRetired
San FranciscoJohnsonRetired
PhiladelphiaJohnsonResigned
DallasJohnsonResigned
New YorkNixonResigned
St. LouisNixonResigned
San FranciscoNixonResigned
Kansas CityNixonResigned
BostonNixonResigned
DallasFordRetired
AtlantaFordResigned
RichmondFordRetired
PhiladelphiaFordDied in office
MinneapolisFordTerm expired
San FranciscoCarterResigned
ChicagoCarterResigned
New YorkCarterResigned
AtlantaCarterResigned
PhiladelphiaCarterResigned
Kansas CityCarterResigned
San FranciscoReaganResigned
ChicagoReaganResigned
Kansas CityReaganResigned
RichmondReaganResigned
San FranciscoReaganResigned
DallasReaganResigned
New YorkReaganTerm expired
BostonReaganResigned
St. LouisG. H. W. BushResigned
RichmondG. H. W. BushResigned
ChicagoG. H. W. BushResigned
PhiladelphiaClintonTerm expired
San FranciscoClintonResigned
St. LouisClintonTerm expired
PhiladelphiaClintonResigned
BostonClintonResigned
RichmondClintonResigned
ChicagoG. W. BushResigned
MinneapolisG. W. BushResigned
AtlantaG. W. BushResigned
Kansas CityG. W. BushResigned
AtlantaG. W. BushResigned
New YorkG. W. BushResigned
RichmondG. W. BushResigned
BostonG. W. BushResigned
PhiladelphiaG. W. BushResigned
BostonObamaResigned
RichmondObamaResigned
San FranciscoObamaResigned
Philadelphia'ObamaIncumbent
ChicagoObamaResigned
New YorkObamaResigned
RichmondObamaResigned
Kansas CityTrumpResigned
BostonTrumpResigned
St. Louis'TrumpIncumbent
Minneapolis'TrumpIncumbent
Atlanta'BidenIncumbent
New York'BidenIncumbent
Chicago'BidenIncumbent
RichmondBidenResigned
RichmondTrumpIncumbent