Federal Reserve Board of Governors - wikipedia Federal Reserve Board of Governors Federal Reserve Board of Governors Federal Reserve System headquarters Headquarters Eccles Building Washington, D.C. Chairman Jerome Powell 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. Contents 1 Description 2 Current members 3 Committees 4 List of governors 5 References 6 External links Description By law, the appointments must yield a `` fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country ''. 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. 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. 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. 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. 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 '', 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 ''. The Chair and Vice Chair of the Board of Governors are appointed by the President from among the sitting Governors. They both serve a four - year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire. Current members The current members of the Board of Governors are as follows : Governor Political Party Entered office Term expires Jerome Powell ( Chair ) Republican February 5, 2018 ( as Chair ) May 25, 2012 ( as Governor ) June 16, 2014 ( new term ) February 5, 2022 ( as Chair ) January 31, 2028 ( as Governor ) Vacant ( Vice Chair ) N / A ( as Vice Chair ) January 31, 2020 ( as Governor ) Randal Quarles ( Vice Chair for Supervision ) Republican October 13, 2017 ( as Vice Chair for Supervision ) October 13, 2017 October 13, 2021 ( as Vice Chair for Supervision ) January 31, 2018 ( as Governor ) Lael Brainard Democratic June 16, 2014 January 31, 2026 Vacant January 31, 2022 Vacant January 31, 2024 Vacant January 31, 2030 Indicates the date of term expiration for the individual nominated to this vacant position. Committees Committee on Board Affairs Governor Powell, Chairman Vice Chairman ( vacant ) Committee on Consumer and Community Affairs Governor Brainard, Chair Vacant Committee on Economic and Financial Monitoring and Research Chairman ( vacant ) Governor Brainard Committee on Financial Stability Chairman ( vacant ) Governor Brainard Vacant Committee on Federal Reserve Bank Affairs Governor Powell, Chairman Governor Brainard Committee on Bank Supervision Vacant, Chairman Governor Powell Governor Brainard Subcommittee on Smaller Regional and Community Banking Governor Powell, Chairman Governor Brainard Committee on Payments, Clearing, and Settlement Governor Powell, Chairman Vacant Source : List of governors Board of Governors meeting January 1, 1922. Name Bank Begin End Term ( Years ) Notes Frederic A. Delano Chicago 000000001914 - 08 - 10 - 0000 August 10, 1914 000000001918 - 07 - 21 - 0000 July 21, 1918 Paul M. Warburg New York 000000001914 - 08 - 10 - 0000 August 10, 1914 000000001918 - 08 - 09 - 0000 August 9, 1918 William P.G. Harding Atlanta 000000001914 - 08 - 10 - 0000 August 10, 1914 000000001922 - 08 - 09 - 0000 August 9, 1922 8 Chairman ( 1916 -- 1922 ) Adolph C. Miller San Francisco 000000001914 - 08 - 10 - 0000 August 10, 1914 000000001936 - 02 - 03 - 0000 February 3, 1936 12 Charles S. Hamlin Boston 000000001914 - 08 - 10 - 0000 August 10, 1914 000000001936 - 02 - 03 - 0000 February 3, 1936 12 Chairman ( 1914 -- 1916 ) Albert Strauss New York 000000001918 - 10 - 26 - 0000 October 26, 1918 000000001920 - 03 - 15 - 0000 March 15, 1920 Henry A. Moehlenpah Chicago 000000001919 - 11 - 10 - 0000 November 10, 1919 000000001920 - 08 - 09 - 0000 August 9, 1920 Edmund Platt New York 000000001920 - 06 - 20 - 0000 June 20, 1920 000000001930 - 09 - 14 - 0000 September 14, 1930 10 David C. Wills Cleveland 000000001920 - 09 - 20 - 0000 September 20, 1920 000000001921 - 03 - 04 - 0000 March 4, 1921 John R. Mitchell Minneapolis 000000001921 - 05 - 12 - 0000 May 12, 1921 000000001923 - 05 - 12 - 0000 May 12, 1923 Milo D. Campbell Chicago 000000001923 - 03 - 14 - 0000 March 14, 1923 000000001923 - 03 - 22 - 0000 March 22, 1923 < 1 Died in office Daniel R. Crissinger Cleveland 000000001923 - 05 - 01 - 0000 May 1, 1923 000000001927 - 09 - 15 - 0000 September 15, 1927 Chairman ( 1923 -- 1927 ) Edward H. Cunningham Chicago 000000001923 - 05 - 14 - 0000 May 14, 1923 000000001930 - 11 - 28 - 0000 November 28, 1930 7 Died in office George R. James St. Louis 000000001923 - 05 - 14 - 0000 May 14, 1923 000000001936 - 02 - 03 - 0000 February 3, 1936 13 Roy A. Young Minneapolis 000000001927 - 10 - 04 - 0000 October 4, 1927 000000001930 - 08 - 31 - 0000 August 31, 1930 Chairman ( 1927 -- 1930 ) Eugene Meyer New York 000000001930 - 09 - 16 - 0000 September 16, 1930 000000001933 - 05 - 10 - 0000 May 10, 1933 Chairman ( 1930 -- 1933 ) Wayland W. Magee Kansas City 000000001931 - 05 - 18 - 0000 May 18, 1931 000000001933 - 01 - 24 - 0000 January 24, 1933 Eugene R. Black Atlanta 000000001933 - 05 - 19 - 0000 May 19, 1933 000000001934 - 08 - 15 - 0000 August 15, 1934 Chairman ( 1933 -- 1934 ) J.J. Thomas Kansas City 000000001933 - 06 - 14 - 0000 June 14, 1933 000000001936 - 02 - 10 - 0000 February 10, 1936 M.S. Szymczak Chicago 000000001933 - 06 - 14 - 0000 June 14, 1933 000000001961 - 05 - 31 - 0000 May 31, 1961 28 Marriner S. Eccles San Francisco 000000001934 - 11 - 15 - 0000 November 15, 1934 000000001951 - 07 - 14 - 0000 July 14, 1951 17 Chairman ( 1934 -- 1948 ) Joseph A. Broderick New York 000000001936 - 02 - 03 - 0000 February 3, 1936 000000001937 - 09 - 30 - 0000 September 30, 1937 John K. McKee Cleveland 000000001936 - 02 - 03 - 0000 February 3, 1936 000000001946 - 04 - 04 - 0000 April 4, 1946 10 Ronald Ransom Atlanta 000000001936 - 02 - 03 - 0000 February 3, 1936 000000001947 - 12 - 02 - 0000 December 2, 1947 12 Died in office Ralph W. Morrison Dallas 000000001936 - 02 - 10 - 0000 February 10, 1936 000000001936 - 07 - 09 - 0000 July 9, 1936 < 1 Chester C. Davis Richmond 000000001936 - 06 - 25 - 0000 June 25, 1936 000000001941 - 04 - 15 - 0000 April 15, 1941 5 Ernest G. Draper New York 000000001938 - 03 - 30 - 0000 March 30, 1938 000000001950 - 09 - 01 - 0000 September 1, 1950 12 Rudolph M. Evans Richmond 000000001942 - 03 - 14 - 0000 March 14, 1942 000000001954 - 08 - 13 - 0000 August 13, 1954 12 James K. Vardaman, Jr. St. Louis 000000001946 - 04 - 04 - 0000 April 4, 1946 000000001958 - 11 - 30 - 0000 November 30, 1958 12 Lawrence Clayton Boston 000000001947 - 02 - 14 - 0000 February 14, 1947 000000001949 - 12 - 04 - 0000 December 4, 1949 Died in office Thomas B. McCabe Philadelphia 000000001948 - 04 - 15 - 0000 April 15, 1948 000000001951 - 03 - 31 - 0000 March 31, 1951 Chairman ( 1948 -- 1951 ) Edward L. Norton Atlanta 000000001950 - 09 - 01 - 0000 September 1, 1950 000000001952 - 01 - 31 - 0000 January 31, 1952 Oliver S. Powell Minneapolis 000000001950 - 09 - 01 - 0000 September 1, 1950 000000001952 - 06 - 30 - 0000 June 30, 1952 William McChesney Martin New York 000000001951 - 04 - 02 - 0000 April 2, 1951 000000001970 - 01 - 31 - 0000 January 31, 1970 19 Chairman ( 1951 -- 1970 ) A.L. Mills, Jr. San Francisco 000000001952 - 02 - 18 - 0000 February 18, 1952 000000001965 - 02 - 28 - 0000 February 28, 1965 13 J.L. Robertson Kansas City 000000001952 - 02 - 18 - 0000 February 18, 1952 000000001973 - 04 - 30 - 0000 April 30, 1973 21 C. Canby Balderston Philadelphia 000000001954 - 08 - 12 - 0000 August 12, 1954 000000001966 - 02 - 28 - 0000 February 28, 1966 12 Paul E. Miller Minneapolis 000000001954 - 08 - 13 - 0000 August 13, 1954 000000001954 - 10 - 21 - 0000 October 21, 1954 < 1 Died in office Charles N. Shepardson Dallas 000000001955 - 03 - 17 - 0000 March 17, 1955 000000001967 - 04 - 30 - 0000 April 30, 1967 12 G.H. King, Jr. Atlanta 000000001959 - 03 - 25 - 0000 March 25, 1959 000000001963 - 09 - 18 - 0000 September 18, 1963 George W. Mitchell Chicago 000000001961 - 08 - 31 - 0000 August 31, 1961 000000001976 - 02 - 13 - 0000 February 13, 1976 14 J. Dewey Daane Richmond 000000001963 - 11 - 29 - 0000 November 29, 1963 000000001974 - 03 - 08 - 0000 March 8, 1974 11 Sherman J. Maisel San Francisco 000000001965 - 04 - 30 - 0000 April 30, 1965 000000001972 - 05 - 31 - 0000 May 31, 1972 7 Andrew F. Brimmer Philadelphia 000000001966 - 03 - 09 - 0000 March 9, 1966 000000001974 - 08 - 31 - 0000 August 31, 1974 8 William W. Sherrill Dallas 000000001967 - 05 - 01 - 0000 May 1, 1967 000000001971 - 11 - 15 - 0000 November 15, 1971 5 Arthur F. Burns New York 000000001970 - 01 - 31 - 0000 January 31, 1970 000000001978 - 03 - 31 - 0000 March 31, 1978 8 Chairman ( 1970 -- 1978 ) John E. Sheehan St. Louis 000000001972 - 01 - 04 - 0000 January 4, 1972 000000001975 - 06 - 01 - 0000 June 1, 1975 Jeffrey M. Bucher San Francisco 000000001972 - 06 - 05 - 0000 June 5, 1972 000000001976 - 01 - 02 - 0000 January 2, 1976 Robert C. Holland Kansas City 000000001973 - 06 - 11 - 0000 June 11, 1973 000000001976 - 05 - 15 - 0000 May 15, 1976 Henry C. Wallich Boston 000000001974 - 03 - 08 - 0000 March 8, 1974 000000001986 - 12 - 15 - 0000 December 15, 1986 12 Philip E. Coldwell Dallas 000000001974 - 10 - 29 - 0000 October 29, 1974 000000001980 - 02 - 29 - 0000 February 29, 1980 6 Philip C. Jackson, Jr. Atlanta 000000001975 - 07 - 14 - 0000 July 14, 1975 000000001978 - 11 - 17 - 0000 November 17, 1978 J. Charles Partee Richmond 000000001976 - 01 - 05 - 0000 January 5, 1976 000000001986 - 02 - 07 - 0000 February 7, 1986 10 Stephen S. Gardner Philadelphia 000000001976 - 02 - 13 - 0000 February 13, 1976 000000001978 - 11 - 19 - 0000 November 19, 1978 Died in office David M. Lilly Minneapolis 000000001976 - 06 - 01 - 0000 June 1, 1976 000000001978 - 02 - 24 - 0000 February 24, 1978 G. William Miller San Francisco 000000001978 - 03 - 08 - 0000 March 8, 1978 000000001979 - 08 - 06 - 0000 August 6, 1979 Chairman ( 1978 -- 1979 ) Nancy H. Teeters Chicago 000000001978 - 09 - 18 - 0000 September 18, 1978 000000001984 - 06 - 27 - 0000 June 27, 1984 6 Emmett J. Rice New York 000000001979 - 06 - 20 - 0000 June 20, 1979 000000001986 - 12 - 31 - 0000 December 31, 1986 8 Frederick H. Schultz Atlanta 000000001979 - 07 - 27 - 0000 July 27, 1979 000000001982 - 02 - 11 - 0000 February 11, 1982 Paul A. Volcker Philadelphia 000000001979 - 08 - 06 - 0000 August 6, 1979 000000001987 - 08 - 11 - 0000 August 11, 1987 8 Chairman ( 1979 -- 1987 ) Lyle E. Gramley Kansas City 000000001980 - 05 - 28 - 0000 May 28, 1980 000000001985 - 09 - 01 - 0000 September 1, 1985 5 Preston Martin San Francisco 000000001982 - 03 - 31 - 0000 March 31, 1982 000000001986 - 04 - 30 - 0000 April 30, 1986 Martha R. Seger Chicago 000000001984 - 07 - 02 - 0000 July 2, 1984 000000001991 - 03 - 11 - 0000 March 11, 1991 7 Manuel H. Johnson Richmond 000000001986 - 02 - 07 - 0000 February 7, 1986 000000001990 - 08 - 03 - 0000 August 3, 1990 Wayne D. Angell Kansas City 000000001986 - 02 - 07 - 0000 February 7, 1986 000000001994 - 02 - 09 - 0000 February 9, 1994 8 H. Robert Heller San Francisco 000000001986 - 08 - 19 - 0000 August 19, 1986 000000001989 - 07 - 31 - 0000 July 31, 1989 Edward W. Kelley, Jr. Dallas 000000001987 - 05 - 26 - 0000 May 26, 1987 000000002001 - 12 - 31 - 0000 December 31, 2001 14 Alan Greenspan New York 000000001987 - 08 - 11 - 0000 August 11, 1987 000000002006 - 01 - 31 - 0000 January 31, 2006 19 Chairman ( 1987 -- 2006 ) John P. LaWare Boston 000000001988 - 08 - 15 - 0000 August 15, 1988 000000001995 - 04 - 30 - 0000 April 30, 1995 7 David W. Mullins, Jr. St. Louis 000000001990 - 05 - 21 - 0000 May 21, 1990 000000001994 - 02 - 14 - 0000 February 14, 1994 Lawrence B. Lindsey Richmond 000000001991 - 11 - 26 - 0000 November 26, 1991 000000001997 - 02 - 05 - 0000 February 5, 1997 5 Susan M. Phillips Chicago 000000001991 - 12 - 02 - 0000 December 2, 1991 000000001998 - 06 - 30 - 0000 June 30, 1998 7 Alan S. Blinder Philadelphia 000000001994 - 06 - 27 - 0000 June 27, 1994 000000001996 - 01 - 31 - 0000 January 31, 1996 Janet Yellen San Francisco 000000001994 - 08 - 12 - 0000 August 12, 1994 000000001997 - 02 - 17 - 0000 February 17, 1997 Laurence H. Meyer St. Louis 000000001996 - 06 - 24 - 0000 June 24, 1996 000000002002 - 01 - 31 - 0000 January 31, 2002 6 Alice M. Rivlin Philadelphia 000000001996 - 06 - 25 - 0000 June 25, 1996 000000001999 - 07 - 16 - 0000 July 16, 1999 Edward M. Gramlich Richmond 000000001997 - 11 - 05 - 0000 November 5, 1997 000000002005 - 08 - 31 - 0000 August 31, 2005 8 Roger W. Ferguson, Jr. Boston 000000001997 - 11 - 05 - 0000 November 5, 1997 000000002006 - 04 - 28 - 0000 April 28, 2006 8 Mark W. Olson Minneapolis 000000002001 - 12 - 07 - 0000 December 7, 2001 000000002006 - 06 - 30 - 0000 June 30, 2006 5 Susan S. Bies Chicago 000000002001 - 12 - 07 - 0000 December 7, 2001 000000002007 - 03 - 30 - 0000 March 30, 2007 5 Ben S. Bernanke Atlanta 000000002002 - 08 - 05 - 0000 August 5, 2002 000000002005 - 06 - 21 - 0000 June 21, 2005 Donald L. Kohn Kansas City 000000002002 - 08 - 05 - 0000 August 5, 2002 000000002010 - 09 - 01 - 0000 September 1, 2010 8 Ben S. Bernanke Atlanta 000000002006 - 02 - 01 - 0000 February 1, 2006 000000002014 - 01 - 31 - 0000 January 31, 2014 8 Chairman ( 2006 -- 2014 ) Kevin M. Warsh New York 000000002006 - 02 - 24 - 0000 February 24, 2006 000000002011 - 04 - 02 - 0000 April 2, 2011 5 Randall S. Kroszner Richmond 000000002006 - 03 - 01 - 0000 March 1, 2006 000000002009 - 01 - 21 - 0000 January 21, 2009 Frederic S. Mishkin Boston 000000002006 - 09 - 05 - 0000 September 5, 2006 000000002008 - 08 - 31 - 0000 August 31, 2008 Elizabeth A. Duke Philadelphia 000000002008 - 08 - 05 - 0000 August 5, 2008 000000002013 - 08 - 31 - 0000 August 31, 2013 5 Daniel Tarullo Boston 000000002009 - 01 - 28 - 0000 January 28, 2009 000000002017 - 04 - 05 - 0000 April 5, 2017 8 Janet Yellen San Francisco 000000002010 - 10 - 04 - 0000 October 4, 2010 000000002018 - 02 - 03 - 0000 February 3, 2018 7 Chair ( 2014 -- 2018 ) Sarah Bloom Raskin Richmond 000000002010 - 10 - 04 - 0000 October 4, 2010 000000002014 - 03 - 13 - 0000 March 13, 2014 Jerome Powell New York 000000002012 - 05 - 25 - 0000 May 25, 2012 000000002028 - 01 - 31 - 0000 January 31, 2028 ( Incumbent ) Chairman ( 2018 -- present ) Jeremy C. Stein Chicago 000000002012 - 05 - 30 - 0000 May 30, 2012 000000002014 - 05 - 28 - 0000 May 28, 2014 Stanley Fischer New York 000000002014 - 05 - 28 - 0000 May 28, 2014 000000002017 - 10 - 13 - 0000 October 13, 2017 Lael Brainard Richmond 000000002014 - 06 - 16 - 0000 June 16, 2014 000000002026 - 01 - 31 - 0000 January 31, 2026 ( Incumbent ) Randal Quarles Kansas City 000000002017 - 10 - 13 - 0000 October 13, 2017 000000002018 - 01 - 31 - 0000 January 31, 2018 ( Incumbent ) Vice Chairman for Supervision ( 2017 -- present ) Source : References ^ Jump up to : See 12 U.S.C. § 241 ^ Jump up to : Federal Reserve ( January 16, 2009 ). `` Board of Governors FAQ ''. Federal Reserve. Archived from the original on January 17, 2009. Retrieved 2009 - 01 - 16. Jump up ^ 12 U.S.C. § 247. ^ Jump up to : See 12 U.S.C. § 242. Jump up ^ `` FRB : Board Members ''. Federalreserve.gov. 2013 - 09 - 03. Retrieved 2014 - 01 - 11. Jump up ^ `` About the Fed '' on the Federal Reserve Board of Governors website Jump up ^ http://www.federalreservehistory.org/People/DetailView/87 Jump up ^ ( 1 ) Board of Governors of the Federal Reserve System. ( n.d. ). Board Members. External links Federal Reserve List of Governors Nomination hearings for Chairmen and Members of the Board of Governors of the Federal Reserve System Public Statements of Federal Reserve Board Members and Chairmen Minutes of Meetings of the Board of Governors of the Federal Reserve System Works by the Board of Governors Federal Reserve System Federal Open Market Committee Chair Governors Federal Reserve Bank Banknotes Federal Reserve Note Federal Reserve Bank Note Reports Beige Book Federal Reserve Statistical Release Monetary Policy Report to the Congress Fedspeak Federal funds Discount window Federal funds Federal funds rate History of Federal Open Market Committee actions Primary dealer History Aldrich -- Vreeland Act Bloomberg v. Federal Reserve Board of Governors, FRS v. Investment Co. Institute Federal Reserve Act Depository Institutions Deregulation and Monetary Control Act History of central banking in the United States Bank regulation in the United States Federal authorities Consumer Financial Protection Bureau Farm Credit Administration Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council Federal Housing Finance Agency Federal Reserve Board of Governors Financial Stability Oversight Council National Credit Union Administration Office of the Comptroller of the Currency Major federal legislation Independent Treasury Act National Bank Act Federal Reserve Act McFadden Act 1933 Banking Act Glass -- Steagall Act Federal Credit Union Act Bank Holding Company Act Interest Rate Control Act of 1966 Truth in Lending Act Bank Secrecy Act Fair Credit Reporting Act Home Mortgage Disclosure Act Community Reinvestment Act Electronic Fund Transfer Act Financial Institutions Regulatory and Interest Rate Control Act of 1978 Monetary Control Act Depository Institutions Act Competitive Equality Banking Act of 1987 FIRREA FDICIA Truth in Savings Act Riegle - Neal IBBEA Gramm -- Leach -- Bliley Act Fair and Accurate Credit Transactions Act Emergency Economic Stabilization Act Credit CARD Act Dodd - Frank Federal Reserve Board regulations Extensions of Credit by Federal Reserve Banks ( Reg A ) Equal Credit Opportunity ( Reg B) Home Mortgage Disclosure ( Reg C ) Reserve Requirements for Depository Institutions ( Reg D ) Electronic Fund Transfer ( Reg E ) Limitations on Interbank Liabilities ( Reg F ) International Banking Operations ( Reg K ) Consumer Leasing ( Reg M ) Loans to Insiders ( Reg O ) Privacy of Consumer Financial Information ( Reg P ) Prohibition Against the Paying of Interest on Demand Deposits ( Reg Q ) Credit by Brokers and Dealers ( Reg T ) Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock ( Reg U ) Transactions Between Member Banks and Their Affiliates ( Reg W ) Borrowers of Securities Credit ( Reg X ) Truth in Lending ( Reg Z ) Unfair or Deceptive Acts or Practices ( Reg AA ) Community Reinvestment ( Reg BB ) Availability of Funds and Collection of Checks ( Reg CC ) Truth in Savings ( Reg DD ) Types of bank charter Credit union Federal savings association Federal savings bank National bank State bank State authorities California Colorado Florida Illinois Maryland Michigan New Jersey New York Ohio Oklahoma Oregon Pennsylvania Tennessee Virginia Terms Call report CAEL Rating CAMELS rating system Thrift Financial Report Other topics Banking in the United States Fair debt collection History of central banking in the United States Wildcat banking Portal Retrieved from `` https://en.wikipedia.org/w/index.php?title=Federal_Reserve_Board_of_Governors&oldid=823908107 '' Categories : Federal Reserve System governors 1914 establishments in the United States Financial regulatory authorities of the United States Talk Contents About Wikipedia Français עברית Русский 中文 Edit links This page was last edited on 4 February 2018, at 04 : 05. 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Question: board of governors of the federal reserve system term length
Answer: 14-year terms