Vice Chair of the Federal Reserve

Philip Jefferson
Occupation(s)	Economist, Federal Reserve Vice Chair
Years active	2023–present
Known for	Vice Chair of the Board of Governors of the Federal Reserve System

Vice Chair of the Federal Reserve Board

The vice chair of the Board of Governors of the Federal Reserve System ranks as the Federal Reserve's second-in-command, subordinate only to the chair of the Federal Reserve. In situations where the chair is unavailable, the vice chair assumes responsibility for leading Board meetings.

Both the vice chair and the vice chair for supervision hold four-year appointments, nominated by the president of the United States and requiring confirmation by the United States Senate. These roles are held concurrently with membership on the Board of Governors and may be renewed through subsequent nominations and Senate approvals. Importantly, these officers cannot be removed by the president prior to the conclusion of their terms. The longest tenure as vice chair was held by Ronald Ransom, who served from 1936 until 1947.

Currently, Philip Jefferson serves as vice chair, having been sworn in on September 13, 2023. The position of vice chair for supervision is occupied by Michelle Bowman, who took office following Michael Barr's resignation effective February 28, 2025, confirmed by a Senate vote tallying 48-46.

Appointment process

Pursuant to the Banking Act of 1935, the President appoints the Vice Chairman from among sitting governors for four-year terms, subject to Senate confirmation. The Senate Committee on Banking conducts evaluations of nominees proposed for both vice chair positions.

Duties of the Fed vice chairs

In absence of the chair, the vice chair presides over Federal Reserve operations until a new chair has been confirmed by the Senate.

Statutorily, the vice chair is required to provide updates to the speaker of the House concerning progress toward achieving the Federal Reserve’s primary goals: maximum employment, price stability, and moderate long-term interest rates.

The vice chair for supervision is tasked with formulating policy advice related to regulatory and supervisory matters for Board consideration. This officer also delivers semiannual reports to Congress detailing these activities and regularly testifies before both the Senate Committee on Banking and House Committee on Financial Services during hearings that address oversight of depository institution holding companies and other financial entities regulated by the Board.

Conflict of interest law

The legal framework governing conduct for the chair, vice chairs, and all Board members stipulates:

Salary

Both Vice Chair roles are classified under Level II of the Executive Schedule, with a salary set at US$203,700 as of January 2023.

List of Fed vice chairs

Vice chairs serve fixed four-year terms and may be reappointed. Since 1914, individuals who have held this position include:

No.	Portrait	Name (Birth–death)	Start of term	End of term	Tenure length	Appointed by
1		Frederic Adrian Delano (1863–1953)	August 10, 1914	August 9, 1916	2 years	Woodrow Wilson
2		Paul Warburg (1868–1932)	August 10, 1916	August 9, 1918	2 years	Woodrow Wilson
3		Albert Strauss (1864–1929)	October 26, 1918	March 15, 1920	1 year, 5 months	Woodrow Wilson
4		Edmund Platt (1865–1939)	July 23, 1920	September 14, 1930	10 years	Woodrow Wilson
5		John Thomas (1869–unknown)	August 21, 1934	February 10, 1936	1 year, 6 months	Franklin D. Roosevelt
6		Ronald Ransom (1882–1947)	August 6, 1936	December 2, 1947	11 years	Franklin D. Roosevelt
7		C. Canby Balderston (1897–1979)	March 11, 1955	February 28, 1966	11 years	Dwight D. Eisenhower, John F. Kennedy
8		James Robertson (1907–1994)	March 1, 1966	April 30, 1973	7 years	Lyndon B. Johnson, Richard Nixon
9		George W. Mitchell (1904–1997)	May 1, 1973	February 13, 1976	2 years, 9 months	Richard Nixon
10		Stephen Gardner (1921–1978)	February 13, 1976	November 19, 1978	2 years, 9 months	Gerald Ford

No.	Portrait	Name (Birth–death)	Start of term	End of term	Tenure length	Appointed by

11		Frederick H. Schultz (1929–2009)	July 27, 1979	February 11,1982	2 years,7 months	Jimmy Carter

12		Preston Martin (1923–2007)	March31 ,1982	April30 ,1986	4 years	Ronald Reagan

13		Manuel H. Johnson (born1949)	August4 ,1986	August3 ,1990	4 years	Ronald Reagan

14		David W. Mullins Jr. (1946–2018)	July24 ,1991	February14 ,1994	2 years,7 months	George H. W. Bush

15		Alan Blinder (born1945)	June27 ,1994	January31 ,1996	1 year,7 months	Bill Clinton

16		Alice Rivlin (1931–2019)	June25 ,1996	July16 ,1999	3 years	Bill Clinton

17		Roger W. Ferguson Jr. (born1951)	October5 ,1999	April28 ,2006	6 years,6 months	Bill Clinton, George W. Bush

18		Donald Kohn (born1942)	June23 ,2006	June23 ,2010	4 years	George W. Bush

19		Janet Yellen (born1946)	October4 ,2010	February3 ,2014	3 years,4 months	Barack Obama

20		Stanley Fischer (1943-2025)	June16 ,2014	October16 ,2017	3 years,4 months

21		Richard Clarida (born1957)	September17 ,2018	January14 ,2022	3 years,4 months	Donald Trump

22		Lael Brainard (born1962)	May23 ,2022	February18 ,2023	9 months	Joe Biden

23		Philip Jefferson (born1961/1962)	September13 ,2023	Incumbent	Current	Joe Biden

List of Federal Reserve Vice Chairs for Supervision

The Dodd–Frank Wall Street Reform and Consumer Protection Act, which took effect on July 21, 2010, requires the president, subject to Senate confirmation, to appoint a "Vice Chairman for Supervision." This position is tasked with formulating policy proposals concerning the oversight and regulation of depository institution holding companies as well as other financial entities regulated by the Board. Since its inception in 2010, the following individuals have held the vice chair for supervision position.

Template:No.	Portrait	Name (Birth–death)	Term Duration		Length of Service	Nominated by
			Term Start	Term End
1		Template:Sortname (born 1957)	October 13, 2017	October 13, 2021	Template:Age in years and days	Donald Trump
2		Template:Sortname (born 1965)	July 19, 2022	February 28, 2025	Template:Age in years and days	Joe Biden
3		Template:Sortname (born 1971)	June 9, 2025	Incumbent	Template:Age in years and days	Donald Trump

See also

• History of central banking in the United States

Further reading

• Beckhart, Benjamin Haggott. 1972. Federal Reserve System. New York: American Institute of Banking.
• Shull, Bernard. 2005. The Fourth Branch: The Federal Reserve's Rise to Power and Influence. Westport, Conn.: Praeger.

External links

• Official website
• Nomination hearings for Chairs and Members of the Board of Governors of the Federal Reserve System