Federal Reserve Board of Governors
| Company type | Government agency |
|---|---|
| Industry | Central banking |
| Founded | August 10, 1914 in Washington, D.C., United States |
| Headquarters | Washington, D.C. , United States |
Key people | Chair: Jerome Powell (since 2018) |
| Products | Monetary policy supervision, bank regulation, financial stability oversight |
| Owner | United States federal government |
| Website | federalreserve |
The Board of Governors of the Federal Reserve System, commonly referred to as the Federal Reserve Board, serves as the principal governing authority of the Federal Reserve System. It supervises the operations of the Federal Reserve Banks and plays a key role in executing the monetary policy of the United States. Members of the Board are nominated by the president of the United States and must be confirmed by the Senate, with each governor appointed to a staggered 14-year term. The Board's main offices are located in the Eccles Building in Washington, D.C..
Statutory description
Legislation mandates that appointments reflect "fair representation" across financial, agricultural, industrial, commercial sectors, and various geographic regions. Under the provisions of the Banking Act of 1935, both the chair and vice chair positions are selected by the president from among current governors.
The seven governors hold overlapping terms designed to span multiple administrations and congressional periods. Once confirmed, these members enjoy considerable autonomy, a feature broadly endorsed by economic experts. The Board submits an annual report to the Speaker of the House, while it also oversees Federal Reserve Banks and regulates the U.S. banking system. Its funding is derived from fees charged to Federal Reserve Banks rather than direct federal appropriations; nonetheless, since net profits are transferred to the Treasury, this funding mechanism has limited practical impact.
Governors are restricted to serving one complete 14-year term but may extend their service if finishing an unexpired term prior to a full appointment. They remain in office until their successors have been appointed and qualified. The president has authority to remove members "for cause."
The chair and vice chair each serve four-year terms, appointed from among sitting governors by the president, with eligibility for reappointment until their Board tenure concludes.
Together with five Federal Reserve Bank presidents, all seven governors constitute the Federal Open Market Committee (FOMC), which is responsible for directing open market operations that shape U.S. monetary policy.
Documentation related to the Board is preserved at the National Archives and Records Administration.
Current members
The present composition of the Board of Governors is as follows:
Vacancies and pending nominations
| Seat last held by | Vacancy reason | Vacancy date | Term expiration | Nominee | Nomination date | Regional Bank | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Template:Sortname | Resignation |
|
|
Template:Sortname |
|
Committees
The Board functions through eight specialized committees that address governance, consumer protection, economic analysis, financial stability, bank oversight, and payment systems:
- 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
Governors hold fourteen-year appointments; while full terms cannot be renewed, those completing partial terms may be reappointed. Since the Board's inception in 1914, many individuals have held the governor position.
Status
- Italicized dates denote the conclusion of a term
| Name | Regional Bank | Start of Term | End of Term | Duration | Appointed By | Reason for Leaving | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Template:Sortname | Boston |
|
|
Wilson | Retired | ||||||
| Template:Sortname | New York |
|
|
Wilson | Term ended | ||||||
| Template:Sortname | Philadelphia |
|
|
Obama | Currently serving | ||||||
| Template:Sortname | "St. Louis" | "2018-11-26" |
"2034-01-31" |
Trump I | "Currently serving" | ||||||
| "Chris Waller" | "Minneapolis" | "2020-12-18" |
"2030-01-31" |
Trump I | "Currently serving" | ||||||
| "Lisa Cook" | "Atlanta" | "2022-05-23" |
"2038-01-31" |
Biden | "Currently serving" | ||||||
| "Philip Jefferson" | "New York" | "2022-05-23" |
"2036-01-31" |
Biden | "Currently serving" | ||||||
| "Michael Barr" | "Chicago" | "2022-07-19" |
"2032-01-31" |
Biden | "Currently serving" | ||||||
| "Richmond" | "2023-09-13" | "2025-08-08" | Biden | "Resigned" |
Succession of seats
The Federal Reserve Board comprises seven Senate-confirmed seats, which are separate from those of the chair and vice chair.
| Seat 1 | ||
|---|---|---|
| Template:Center | ||
| Hamlin | August 10, 1914 – February 3, 1936 | |
| Template:Center | ||
| Morrison | February 10, 1936 – July 9, 1936 | |
| Clayton | February 14, 1947 – December 4, 1949 | |
| O. Powell | September 1, 1950 – June 30, 1952 | |
| Balderston | August 12, 1954 – February 28, 1966 | |
| Brimmer | March 9, 1966 – August 31, 1974 | |
| Coldwell | October 29, 1974 – February 29, 1980 | |
| Gramley | May 28, 1980 – September 1, 1985 | |
| Angell | February 7, 1986 – February 9, 1994 | |
| Yellen | August 12, 1994 – February 17, 1997 | |
| Gramlich | November 5, 1997 – August 31, 2005 | |
| Kroszner | March 1, 2006 – January 21, 2009 | |
| Tarullo | January 28, 2009 – April 5, 2017 | |
| Clarida | September 17, 2018 – January 14, 2022 | |
|
May 23, 2022 – present |
||
| Seat 2 | |
|---|---|
| Template:Center | |
| Paul Warburg | August 10, 1914 – August 9, 1918 |
| Strauss | October 26, 1918 – March 15, 1920 |
| Edmund Platt | June 8, 1920 – September 14, 1930 |
| E. Meyer | September 16, 1930 – May 10, 1933 |
| Eugene Robert Black | May 19, 1933 – August 15, 1934 |
| Marriner S. Eccles | November 15, 1934 – February 1, 1936 |
Leadership Composition
The president designates the chair, vice chair, and vice chair for supervision from among the current Board members, each serving four-year terms that can be renewed, subject to Senate approval, until their Board membership concludes.
| Chair | |
|---|---|
| Template:Center | |
| Hamlin | August 10, 1914 – August 9, 1916 |
| Harding | August 10, 1916 – August 9, 1922 |
| Crissinger | May 1, 1923 – September 15, 1927 |
| Young | October 4, 1927 – August 31, 1930 |
| E. Meyer | September 16, 1930 – May 10, 1933 |
| Black | May 19, 1933 – August 15, 1934 |
| Eccles | November 15, 1934 – January 31, 1948 |
| McCabe | April 15, 1948 – March 31, 1951 |
| W. Martin | April 2, 1951 – January 31, 1970 |
| Burns | February 1, 1970 – January 31, 1978 |
| G. W. Miller | March 8, 1978 – August 6, 1979 |
| Volcker | August 6, 1979 – August 11, 1987 |
| Greenspan | August 11, 1987 – January 31, 2006 |
| Bernanke | February 1, 2006 – January 31, 2014 |
| Yellen | February 3, 2014 – February 3, 2018 |
| J. Powell | February 5, 2018 – present |
| Vice Chair | |
|---|---|
| Template:Center | |
| 'August10 ,1914– August9 ,1916' | |
| 'August10 ,1916– August9 ,1918' | |
| 'October26 ,1918– March15 ,1920' | |
| 'July23 ,1920– September14 ,1930' | |
| 'August21 ,1934– February10 ,1936' | |
| 'September13 ,2023– present' | |
| Vice Chair for Supervision | |
|---|---|
| 'October13 ,2017– October13 ,2021' | |
| 'July19 ,2022– February28 ,2025' | |
| 'June9 ,2025– present' | |
Failed Nominations
The following table enumerates individuals who were officially nominated for open Federal Reserve Board positions but did not receive Senate confirmation.
Several candidates were publicly mentioned but never formally nominated before their withdrawal. For example, Alicia Munnell from Boston was announced by President Bill Clinton in 1995 as a candidate for LaWare's seat. Felix Rohatyn was named in 1996 to succeed Alan Blinder as vice chair. In addition, in 2019 President Donald Trump announced Stephen Moore and Herman Cain as nominees intended to occupy seats vacated by Bloom Raskin and Yellen; however, the particular seats or districts were not specified.
Template:Sortname- Federal Reserve Bank of Chicago(Chicago)
- Federal Reserve Bank of Richmond(Richmond)
- Federal Reserve Bank of Chicago(Chicago)
- Federal Reserve Bank of San Francisco(San Francisco)
- Federal Reserve Bank of Chicago(Chicago)
- Federal Reserve Bank of Philadelphia(Philadelphia)
| Nominee | Regional Bank | Year | Vacancy | President | Result |
|---|
See also
- Banking Act of 1933 and 1935 – created the Federal Reserve Board of Governors consisting of seven members appointed by the president, forming part of the total twelve members on the FOMC.
- Causes of the Great Depression#Trying to return to the Gold Standard – restrictive monetary policies implemented to restore the gold standard following World War I played a role in triggering the Great Depression.
External links
- Official Federal Reserve List of Governors
- Board of Governors of the Federal Reserve System as published in the Federal Register
- Hearing records for nomination of Chairmen and Members of the Board of Governors
- Public addresses delivered by Federal Reserve Board Members and Chairmen
- Records of Meetings held by the Board of Governors
- Publications authored by the Board of Governors