Vice Chair of the Federal Reserve
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of Governors of the Federal Reserve System.
The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with Ronald Ransom as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term.
The position of vice chair is currently held by Philip Jefferson who was sworn in on September 13, 2023. The position of vice chair for supervision is currently held by Michelle Bowman after Michael Barr's resignation which took effect on February 28, 2025, and her confirmation by a vote of 48-46.
Appointment process
As stipulated by the Banking Act of 1935, the president may designated to serve as Vice Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors. The Senate Committee responsible for vetting a Federal Reserve vice chair and vice chair for supervision nominees is the Senate Committee on Banking.Duties of the Fed vice chairs
The vice chair of the Board shall serve in the absence of the chair as leader of the Federal Reserve system until chair's replacement was installed by the Senate.By law, the vice chair, as part of the Board, makes a full report of its operations to the speaker of the House, on progress towards the Fed's responsibilities and monetary policy objectives, which are "maximum employment, stable prices, and moderate long-term interest rates."
The duties of the vice chair for supervision include developing policy recommendations regarding supervision and regulation for the Board. The vice chairman of supervision reports to Congress semiannually on the efforts of the board with respect to the conduct of supervision and regulation.
By law, the vice chair for supervision shall appear before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services of the House of Representatives and at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board.