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.
ChairmanBen Bernanke
 
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Federal Reserve Board of Governors
Federal Reserve System headquarters (Eccles Building)
Federal Reserve System headquarters (Eccles Building)
HeadquartersWashington, D.C.
ChairmanBen Bernanke

The Federal Reserve Board of Governors 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]

As an independent federal government agency,[3] 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.[4] 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.[5] 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.[5] 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",[5] 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".[5]

The current members of the Board of Governors are as follows:[6]

CommissionerEntered office[7]Term expires
Ben Bernanke
(Chairman)
February 1, 2006January 31, 2020
January 31, 2014 (as Chairman)
Janet Yellen
(Vice Chairman)
October 4, 2010January 31, 2024
October 4, 2014 (as Vice Chairman)
Jeremy C. SteinMay 30, 2012January 31, 2018
Daniel TarulloJanuary 28, 2009January 31, 2022
Sarah Bloom RaskinOctober 4, 2010January 31, 2016
Jerome H. PowellMay 30, 2012January 31, 2014
Vacant

List of governors[edit]

NameBankBeginEndNotes
Frederic A. DelanoChicago1914-08-101918-07-21
Paul M. WarburgNew York1914-08-101918-08-09
William P.G. HardingAtlanta1914-08-101922-08-09Chairman (1916-1922)
Adolph C. MillerSan Francisco1914-08-101936-02-03
Charles S. HamlinBoston1914-08-101936-02-03Chairman (1914-1916)
Albert StraussNew York1918-10-261920-03-15
Henry A. MoehlenpahChicago1919-11-101920-08-09
Edmund PlattNew York1920-06-201930-09-14
David C. WillsCleveland1920-09-201921-03-04
John R. MitchellMinneapolis1921-05-121923-05-12
Milo D. CampbellChicago1923-03-141923-03-22Died in office
Daniel R. CrissingerCleveland1923-05-011927-09-15Chairman (1923-1927)
Edward H. CunninghamChicago1923-05-141930-11-28Died in office
George R. JamesSt. Louis1923-05-141936-02-03
Roy A. YoungMinneapolis1927-10-041930-08-31Chairman (1927-1930)
Eugene MeyerNew York1930-09-161933-05-10Chairman (1930-1933)
Wayland W. MageeKansas City1931-05-181933-01-24
Eugene R. BlackAtlanta1933-05-191934-08-15Chairman (1933-1934)
J.J. ThomasKansas City1933-06-141936-02-10
M.S. SzymczakChicago1933-06-141961-05-31
Marriner S. EcclesSan Francisco1934-11-151951-07-14Chairman (1934-1948)
Joseph A. BroderickNew York1936-02-031937-09-30
John K. McKeeCleveland1936-02-031946-04-04
Ronald RansomAtlanta1936-02-031947-12-02Died in office
Ralph W. MorrisonDallas1936-02-101936-07-09
Chester C. DavisRichmond1936-06-251941-04-15
Ernest G. DraperNew York1938-03-301950-09-01
Rudolph M. EvansRichmond1942-03-141954-08-13
James K. Vardaman, Jr.St. Louis1946-04-041958-11-30
Lawrence ClaytonBoston1947-02-141949-12-04Died in office
Thomas B. McCabePhiladelphia1948-04-151951-03-31Chairman (1948-1951)
Edward L. NortonAtlanta1950-09-011952-01-31
Oliver S. PowellMinneapolis1950-09-011952-06-30
William McChesney MartinNew York1951-04-021970-01-31Chairman (1951-1970)
A.L. Mills, Jr.San Francisco1952-02-181965-02-28
J.L. RobertsonKansas City1952-02-181973-04-30
C. Canby BalderstonPhiladelphia1954-08-121966-02-28
Paul E. MillerMinneapolis1954-08-131954-10-21Died in office
Charles N. ShepardsonDallas1955-03-171967-04-30
G.H. King, Jr.Atlanta1959-03-251963-09-18
George W. MitchellChicago1961-08-311976-02-13
J. Dewey DaaneRichmond1963-11-291974-03-08
Sherman J. MaiselSan Francisco1965-04-301972-05-31
Andrew F. BrimmerPhiladelphia1966-03-091974-08-31
William W. SherrillDallas1967-05-011971-11-15
Arthur F. BurnsNew York1970-01-311978-03-31Chairman (1970-1978)
John E. SheehanSt. Louis1972-01-041975-06-01
Jeffrey M. BucherSan Francisco1972-06-051976-01-02
Robert C. HollandKansas City1973-06-111976-05-15
Henry C. WallichBoston1974-03-081986-12-15
Philip E. ColdwellDallas1974-10-291980-02-29
Philip C. Jackson, Jr.Atlanta1975-07-141978-11-17
J. Charles ParteeRichmond1976-01-051986-02-07
Stephen S. GardnerPhiladelphia1976-02-131978-11-19Died in office
David M. LillyMinneapolis1976-06-011978-02-24
G. William MillerSan Francisco1978-03-081979-08-06Chairman (1978-1979)
Nancy H. TeetersChicago1978-09-181984-06-27
Emmett J. RiceNew York1979-06-201986-12-31
Frederick H. SchultzAtlanta1979-07-271982-02-11
Paul A. VolckerPhiladelphia1979-08-061987-08-11Chairman (1979-1987)
Lyle E. GramleyKansas City1980-05-281985-09-01
Preston MartinSan Francisco1982-09-311986-04-30
Martha R. SegerChicago1984-07-021991-03-11
Manuel H. JohnsonRichmond1986-02-071990-08-03
Wayne D. AngellKansas City1986-02-071994-02-09
H. Robert HellerSan Francisco1986-08-191989-07-31
Edward W. Kelley, Jr.Dallas1987-05-262001-12-31
Alan GreenspanNew York1987-08-112006-01-31Chairman (1987-2006)
John P. LaWareBoston1988-08-151995-04-30
David W. Mullins, Jr.St. Louis1990-05-211994-02-14
Lawrence B. LindseyRichmond1991-11-261997-02-05
Susan M. PhillipsChicago1991-12-021998-06-30
Alan S. BlinderPhiladelphia1994-06-271996-01-31
Janet L. YellenSan Francisco1994-08-121997-02-17
Laurence H. MeyerSt. Louis1996-06-242002-01-31
Alice M. RivlinPhiladelphia1996-06-251999-07-16
Edward M. GramlichRichmond1997-11-052005-08-31
Roger W. Ferguson, Jr.Boston1997-11-052006-04-28
Mark W. OlsonMinneapolis2001-12-072006-06-30
Susan S. BiesChicago2001-12-072007-03-30
Ben S. BernankeAtlanta2002-08-052005-06-21
Donald L. KohnKansas City2002-08-052010-09-01
Ben S. BernankeAtlanta2006-02-012020-01-31 (sch. - Incumbent)Chairman (2006-incumbent)
Kevin M. WarshNew York2006-02-242011-04-02
Randall S. KrosznerRichmond2006-03-012009-01-21
Frederic S. MishkinBoston2006-09-052008-08-31
Elizabeth A. DukePhiladelphia2008-08-052013-08-31
Daniel TarulloBoston2009-01-282022-01-31 (sch. - Incumbent)
Janet L. YellenSan Francisco2010-10-042024-01-31 (sch. - Incumbent)
Sarah Bloom RaskinRichmond2010-10-042016-01-31 (sch. - 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. ^ Kennedy C. Scott v. Federal Reserve Bank of Kansas City, et al., 406 F.3d 532 (8th Cir. 2005).
  4. ^ 12 U.S.C. § 247.
  5. ^ a b c d See 12 U.S.C. § 242.
  6. ^ "FRB: Board Members". Federalreserve.gov. 2013-09-03. Retrieved 2014-01-11. 
  7. ^ "Membership of the Board of Governors of the Federal Reserve System, 1914–Present". Federalreserve.gov. Retrieved 2014-01-11. 

External links[edit]