Federal Reserve Board of Governors

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Federal Reserve Board of Governors
Federal Reserve System headquarters (Eccles Building)
Federal Reserve System headquarters (Eccles Building)
HeadquartersWashington, D.C.
ChairpersonJanet Yellen
 
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Federal Reserve Board of Governors
Federal Reserve System headquarters (Eccles Building)
Federal Reserve System headquarters (Eccles Building)
HeadquartersWashington, D.C.
ChairpersonJanet 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]

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

GovernorEntered 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)
Daniel TarulloJanuary 28, 2009January 31, 2022
Jerome H. PowellMay 25, 2012January 31, 2028
Lael BrainardJune 16, 2014January 31, 2026
Vacant
Vacant

List of governors[edit]

Board of Governors meeting January 1, 1922.
NameBankBeginEndNotes
Frederic A. DelanoChicagoAugust 10, 1914July 21, 1918
Paul M. WarburgNew YorkAugust 10, 1914August 9, 1918
William P.G. HardingAtlantaAugust 10, 1914August 9, 1922Chairman (1916-1922)
Adolph C. MillerSan FranciscoAugust 10, 1914February 3, 1936
Charles S. HamlinBostonAugust 10, 1914February 3, 1936Chairman (1914-1916)
Albert StraussNew YorkOctober 26, 1918March 15, 1920
Henry A. MoehlenpahChicagoNovember 10, 1919August 9, 1920
Edmund PlattNew YorkJune 20, 1920September 14, 1930
David C. WillsClevelandSeptember 20, 1920March 4, 1921
John R. MitchellMinneapolisMay 12, 1921May 12, 1923
Milo D. CampbellChicagoMarch 14, 1923March 22, 1923Died in office
Daniel R. CrissingerClevelandMay 1, 1923September 15, 1927Chairman (1923-1927)
Edward H. CunninghamChicagoMay 14, 1923November 28, 1930Died in office
George R. JamesSt. LouisMay 14, 1923February 3, 1936
Roy A. YoungMinneapolisOctober 4, 1927August 31, 1930Chairman (1927-1930)
Eugene MeyerNew YorkSeptember 16, 1930May 10, 1933Chairman (1930-1933)
Wayland W. MageeKansas CityMay 18, 1931January 24, 1933
Eugene R. BlackAtlantaMay 19, 1933August 15, 1934Chairman (1933-1934)
J.J. ThomasKansas CityJune 14, 1933February 10, 1936
M.S. SzymczakChicagoJune 14, 1933May 31, 1961
Marriner S. EcclesSan FranciscoNovember 15, 1934July 14, 1951Chairman (1934-1948)
Joseph A. BroderickNew YorkFebruary 3, 1936September 30, 1937
John K. McKeeClevelandFebruary 3, 1936April 4, 1946
Ronald RansomAtlantaFebruary 3, 1936December 2, 1947Died in office
Ralph W. MorrisonDallasFebruary 10, 1936July 9, 1936
Chester C. DavisRichmondJune 25, 1936April 15, 1941
Ernest G. DraperNew YorkMarch 30, 1938September 1, 1950
Rudolph M. EvansRichmondMarch 14, 1942August 13, 1954
James K. Vardaman, Jr.St. LouisApril 4, 1946November 30, 1958
Lawrence ClaytonBostonFebruary 14, 1947December 4, 1949Died in office
Thomas B. McCabePhiladelphiaApril 15, 1948March 31, 1951Chairman (1948-1951)
Edward L. NortonAtlantaSeptember 1, 1950January 31, 1952
Oliver S. PowellMinneapolisSeptember 1, 1950June 30, 1952
William McChesney MartinNew YorkApril 2, 1951January 31, 1970Chairman (1951-1970)
A.L. Mills, Jr.San FranciscoFebruary 18, 1952February 28, 1965
J.L. RobertsonKansas CityFebruary 18, 1952April 30, 1973
C. Canby BalderstonPhiladelphiaAugust 12, 1954February 28, 1966
Paul E. MillerMinneapolisAugust 13, 1954October 21, 1954Died in office
Charles N. ShepardsonDallasMarch 17, 1955April 30, 1967
G.H. King, Jr.AtlantaMarch 25, 1959September 18, 1963
George W. MitchellChicagoAugust 31, 1961February 13, 1976
J. Dewey DaaneRichmondNovember 29, 1963March 8, 1974
Sherman J. MaiselSan FranciscoApril 30, 1965May 31, 1972
Andrew F. BrimmerPhiladelphiaMarch 9, 1966August 31, 1974
William W. SherrillDallasMay 1, 1967November 15, 1971
Arthur F. BurnsNew YorkJanuary 31, 1970March 31, 1978Chairman (1970-1978)
John E. SheehanSt. LouisJanuary 4, 1972June 1, 1975
Jeffrey M. BucherSan FranciscoJune 5, 1972January 2, 1976
Robert C. HollandKansas CityJune 11, 1973May 15, 1976
Henry C. WallichBostonMarch 8, 1974December 15, 1986
Philip E. ColdwellDallasOctober 29, 1974February 29, 1980
Philip C. Jackson, Jr.AtlantaJuly 14, 1975November 17, 1978
J. Charles ParteeRichmondJanuary 5, 1976February 7, 1986
Stephen S. GardnerPhiladelphiaFebruary 13, 1976November 19, 1978Died in office
David M. LillyMinneapolisJune 1, 1976February 24, 1978
G. William MillerSan FranciscoMarch 8, 1978August 6, 1979Chairman (1978-1979)
Nancy H. TeetersChicagoSeptember 18, 1978June 27, 1984
Emmett J. RiceNew YorkJune 20, 1979December 31, 1986
Frederick H. SchultzAtlantaJuly 27, 1979February 11, 1982
Paul A. VolckerPhiladelphiaAugust 6, 1979August 11, 1987Chairman (1979-1987)
Lyle E. GramleyKansas CityMay 28, 1980September 1, 1985
Preston Martin[8]San FranciscoMarch 31, 1982April 30, 1986
Martha R. SegerChicagoJuly 2, 1984March 11, 1991
Manuel H. JohnsonRichmondFebruary 7, 1986August 3, 1990
Wayne D. AngellKansas CityFebruary 7, 1986February 9, 1994
H. Robert HellerSan FranciscoAugust 19, 1986July 31, 1989
Edward W. Kelley, Jr.DallasMay 26, 1987December 31, 2001
Alan GreenspanNew YorkAugust 11, 1987January 31, 2006Chairman (1987-2006)
John P. LaWareBostonAugust 15, 1988April 30, 1995
David W. Mullins, Jr.St. LouisMay 21, 1990February 14, 1994
Lawrence B. LindseyRichmondNovember 26, 1991February 5, 1997
Susan M. PhillipsChicagoDecember 2, 1991June 30, 1998
Alan S. BlinderPhiladelphiaJune 27, 1994January 31, 1996
Janet L. YellenSan FranciscoAugust 12, 1994February 17, 1997
Laurence H. MeyerSt. LouisJune 24, 1996January 31, 2002
Alice M. RivlinPhiladelphiaJune 25, 1996July 16, 1999
Edward M. GramlichRichmondNovember 5, 1997August 31, 2005
Roger W. Ferguson, Jr.BostonNovember 5, 1997April 28, 2006
Mark W. OlsonMinneapolisDecember 7, 2001June 30, 2006
Susan S. BiesChicagoDecember 7, 2001March 30, 2007
Ben S. BernankeAtlantaAugust 5, 2002June 21, 2005
Donald L. KohnKansas CityAugust 5, 2002September 1, 2010
Ben S. BernankeAtlantaFebruary 1, 2006January 31, 2014Chairman (2006-2014)
Kevin M. WarshNew YorkFebruary 24, 2006April 2, 2011
Randall S. KrosznerRichmondMarch 1, 2006January 21, 2009
Frederic S. MishkinBostonSeptember 5, 2006August 31, 2008
Elizabeth A. DukePhiladelphiaAugust 5, 2008August 31, 2013
Daniel TarulloBostonJanuary 28, 2009January 31, 2022 (Incumbent)
Janet L. YellenSan FranciscoOctober 4, 2010January 31, 2024 (Incumbent)Chairman (2014–present)
Sarah Bloom RaskinRichmondOctober 4, 2010March 13, 2014
Jerome H. PowellNew YorkMay 25, 2012January 31, 2028 (Incumbent)
Jeremy C. SteinChicagoMay 30, 2012May 28, 2014
Stanley FischerNew YorkMay 28, 2014January 31, 2020 (Incumbent)
Lael BrainardJune 16, 2014January 31, 2026 (Incumbent)

References[edit]

  1. ^ a b c See 12 U.S.C. § 241
  2. ^ a b c Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Retrieved 2009-01-16. 
  3. ^ 12 U.S.C. § 247.
  4. ^ a b c d 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, [1], FRB Website, June 16, 2014. Retrieved 2014-06-16.
  8. ^ http://www.federalreservehistory.org/People/DetailView/87

External links[edit]