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 the 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 Chair and Vice Chair 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. All seven board members of the Federal Reserve Board of Governors and five Federal Reserve Bank presidents direct the open market operations that sets U.S. monetary policy through their membership in the Federal Open Market Committee ( FOMC ). Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives of the United States. Current members The current members of the Board of Governors are as follows : Photo Governor Political Party Entered office Term expires Jerome Powell ( Chairman ) Republican February 5, 2018 ( as Chairman ) May 25, 2012 ( as Governor ) June 16, 2014 ( new term ) February 5, 2022 ( as Chairman ) January 31, 2028 ( as Governor ) Richard Clarida ( Vice Chairman ) Republican TBD ( as Vice Chairman ) TBD N / A ( as Vice Chairman ) January 31, 2022 ( as Governor ) Randal Quarles ( Vice Chairman for Supervision ) Republican October 13, 2017 ( as Vice Chairman for Supervision ) October 13, 2017 October 13, 2021 ( as Vice Chairman for Supervision ) January 31, 2032 ( as Governor ) Lael Brainard Democratic June 16, 2014 January 31, 2026 Vacant January 31, 2020 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. Current and living former Governors, 2013 Name Bank Begin End Term ( Years ) Notes Frederic A. Delano Chicago August 10, 1914 July 21, 1918 Paul M. Warburg New York August 10, 1914 August 9, 1918 William P.G. Harding Atlanta August 10, 1914 August 9, 1922 8 Chairman ( 1916 -- 1922 ) Adolph C. Miller San Francisco August 10, 1914 February 3, 1936 12 Charles S. Hamlin Boston August 10, 1914 February 3, 1936 12 Chairman ( 1914 -- 1916 ) Albert Strauss New York October 26, 1918 March 15, 1920 Henry A. Moehlenpah Chicago November 10, 1919 August 9, 1920 Edmund Platt New York June 20, 1920 September 14, 1930 10 David C. Wills Cleveland September 20, 1920 March 4, 1921 John R. Mitchell Minneapolis May 12, 1921 May 12, 1923 Milo D. Campbell Chicago March 14, 1923 March 22, 1923 < 1 Died in office Daniel R. Crissinger Cleveland May 1, 1923 September 15, 1927 Chairman ( 1923 -- 1927 ) Edward H. Cunningham Chicago May 14, 1923 November 28, 1930 7 Died in office George R. James St. Louis May 14, 1923 February 3, 1936 13 Roy A. Young Minneapolis October 4, 1927 August 31, 1930 Chairman ( 1927 -- 1930 ) Eugene Meyer New York September 16, 1930 May 10, 1933 Chairman ( 1930 -- 1933 ) Wayland W. Magee Kansas City May 18, 1931 January 24, 1933 Eugene R. Black Atlanta May 19, 1933 August 15, 1934 Chairman ( 1933 -- 1934 ) J.J. Thomas Kansas City June 14, 1933 February 10, 1936 M.S. Szymczak Chicago June 14, 1933 May 31, 1961 28 Marriner S. Eccles San Francisco November 15, 1934 July 14, 1951 17 Chairman ( 1934 -- 1948 ) Joseph A. Broderick New York February 3, 1936 September 30, 1937 John K. McKee Cleveland February 3, 1936 April 4, 1946 10 Ronald Ransom Atlanta February 3, 1936 December 2, 1947 12 Died in office Ralph W. Morrison Dallas February 10, 1936 July 9, 1936 < 1 Chester C. Davis Richmond June 25, 1936 April 15, 1941 5 Ernest G. Draper New York March 30, 1938 September 1, 1950 12 Rudolph M. Evans Richmond March 14, 1942 August 13, 1954 12 James K. Vardaman, Jr. St. Louis April 4, 1946 November 30, 1958 12 Lawrence Clayton Boston February 14, 1947 December 4, 1949 Died in office Thomas B. McCabe Philadelphia April 15, 1948 March 31, 1951 Chairman ( 1948 -- 1951 ) Edward L. Norton Atlanta September 1, 1950 January 31, 1952 Oliver S. Powell Minneapolis September 1, 1950 June 30, 1952 William McChesney Martin New York April 2, 1951 January 31, 1970 19 Chairman ( 1951 -- 1970 ) A.L. Mills, Jr. San Francisco February 18, 1952 February 28, 1965 13 J.L. Robertson Kansas City February 18, 1952 April 30, 1973 21 C. Canby Balderston Philadelphia August 12, 1954 February 28, 1966 12 Paul E. Miller Minneapolis August 13, 1954 October 21, 1954 < 1 Died in office Charles N. Shepardson Dallas March 17, 1955 April 30, 1967 12 G.H. King, Jr. Atlanta March 25, 1959 September 18, 1963 George W. Mitchell Chicago August 31, 1961 February 13, 1976 14 J. Dewey Daane Richmond November 29, 1963 March 8, 1974 11 Sherman J. Maisel San Francisco April 30, 1965 May 31, 1972 7 Andrew F. Brimmer Philadelphia March 9, 1966 August 31, 1974 8 William W. Sherrill Dallas May 1, 1967 November 15, 1971 5 Arthur F. Burns New York January 31, 1970 March 31, 1978 8 Chairman ( 1970 -- 1978 ) John E. Sheehan St. Louis January 4, 1972 June 1, 1975 Jeffrey M. Bucher San Francisco June 5, 1972 January 2, 1976 Robert C. Holland Kansas City June 11, 1973 May 15, 1976 Henry C. Wallich Boston March 8, 1974 December 15, 1986 12 Philip E. Coldwell Dallas October 29, 1974 February 29, 1980 6 Philip C. Jackson, Jr. Atlanta July 14, 1975 November 17, 1978 J. Charles Partee Richmond January 5, 1976 February 7, 1986 10 Stephen S. Gardner Philadelphia February 13, 1976 November 19, 1978 Died in office David M. Lilly Minneapolis June 1, 1976 February 24, 1978 G. William Miller San Francisco March 8, 1978 August 6, 1979 Chairman ( 1978 -- 1979 ) Nancy H. Teeters Chicago September 18, 1978 June 27, 1984 6 Emmett J. Rice New York June 20, 1979 December 31, 1986 8 Frederick H. Schultz Atlanta July 27, 1979 February 11, 1982 Paul A. Volcker Philadelphia August 6, 1979 August 11, 1987 8 Chairman ( 1979 -- 1987 ) Lyle E. Gramley Kansas City May 28, 1980 September 1, 1985 5 Preston Martin San Francisco March 31, 1982 April 30, 1986 Martha R. Seger Chicago July 2, 1984 March 11, 1991 7 Manuel H. Johnson Richmond February 7, 1986 August 3, 1990 Wayne D. Angell Kansas City February 7, 1986 February 9, 1994 8 H. Robert Heller San Francisco August 19, 1986 July 31, 1989 Edward W. Kelley, Jr. Dallas May 26, 1987 December 31, 2001 14 Alan Greenspan New York August 11, 1987 January 31, 2006 19 Chairman ( 1987 -- 2006 ) John P. LaWare Boston August 15, 1988 April 30, 1995 7 David W. Mullins, Jr. St. Louis May 21, 1990 February 14, 1994 Lawrence B. Lindsey Richmond November 26, 1991 February 5, 1997 5 Susan M. Phillips Chicago December 2, 1991 June 30, 1998 7 Alan S. Blinder Philadelphia June 27, 1994 January 31, 1996 Janet Yellen San Francisco August 12, 1994 February 17, 1997 Laurence H. Meyer St. Louis June 24, 1996 January 31, 2002 6 Alice M. Rivlin Philadelphia June 25, 1996 July 16, 1999 Edward M. Gramlich Richmond November 5, 1997 August 31, 2005 8 Roger W. Ferguson, Jr. Boston November 5, 1997 April 28, 2006 8 Mark W. Olson Minneapolis December 7, 2001 June 30, 2006 5 Susan S. Bies Chicago December 7, 2001 March 30, 2007 5 Ben S. Bernanke Atlanta August 5, 2002 June 21, 2005 Donald L. Kohn Kansas City August 5, 2002 September 1, 2010 8 Ben S. Bernanke Atlanta February 1, 2006 January 31, 2014 8 Chairman ( 2006 -- 2014 ) Kevin M. Warsh New York February 24, 2006 April 2, 2011 5 Randall S. Kroszner Richmond March 1, 2006 January 21, 2009 Frederic S. Mishkin Boston September 5, 2006 August 31, 2008 Elizabeth A. Duke Philadelphia August 5, 2008 August 31, 2013 5 Daniel Tarullo Boston January 28, 2009 April 5, 2017 8 Janet Yellen San Francisco October 4, 2010 February 3, 2018 7 Chair ( 2014 -- 2018 ) Sarah Bloom Raskin Richmond October 4, 2010 March 13, 2014 Jerome Powell New York May 25, 2012 January 31, 2028 ( Incumbent ) Chairman ( 2018 -- present ) Jeremy C. Stein Chicago May 30, 2012 May 28, 2014 Stanley Fischer New York May 28, 2014 October 13, 2017 Lael Brainard Richmond June 16, 2014 January 31, 2026 ( Incumbent ) Randal Quarles Kansas City October 13, 2017 January 31, 2032 ( 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 ^ `` The Three Key System Entities '' ( PDF ). Board of Governors of the Federal Reserve System. Jump up ^ Richardson, Gary ( February 2006 ). `` Records of the Federal Reserve Board of Governors in Record Group 82 at the National Archives of the United States ''. Financial History Review : 12. doi : 10.1017 / S0968565006000084. Archived from the original on April 21, 2018. Retrieved April 21, 2018. 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 ^ `` Preston Martin - Federal Reserve History ''. www.federalreservehistory.org. Retrieved 19 March 2018. Jump up ^ ( 1 ) Board of Governors of the Federal Reserve System. ( n.d. ). Board Members. External links Wikimedia Commons has media related to Federal Reserve Board of Governors. 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 Primary dealer History Antecedents Currency Acts ( 1751 ; 1764 ) Bank of North America ( 1781 -- 1791 ) First Bank of the United States ( 1791 -- 1811 ) Second Bank of the United States ( 1816 -- 1836 ) Suffolk Bank ( 1818 -- 1858 ) Suffolk System ( 1824 -- 1858 ) Bank War ( 1832 -- 1836 ) New York Clearing House ( 1853 -- 1913 ) National Bank Acts ( 1863 ; 1864 ) Specie Payment Resumption Act ( 1875 ) Aldrich -- Vreeland Act ( 1908 ) Official Federal Reserve Act ( 1913 ) Post -- World War I recession ( 1918 -- 1919 ) Depression of 1920 -- 21 Wall Street Crash of 1929 Great Depression ( 1929 -- 1933 ) Recession of 1937 -- 38 Employment Act of 1946 Late 1940s recession ( 1948 -- 1949 ) U.S. Treasury Department Accord ( 1951 ) Early 1950s recession ( 1953 -- 1954 ) Bank Holding Company Act ( 1956 ) Late 1950s recession ( 1957 -- 1958 ) Recession of 1960 -- 61 Federal Open Market Committee actions ( 1961 -- 2015 ) Recession of 1969 -- 70 1970s recession ( 1973 -- 1975 ) Federal Reserve Reform Act ( 1977 ) Humphrey -- Hawkins Full Employment Act ( 1978 ) Early 1980s recession ( 1980 ; 1981 -- 1982 ) Depository Institutions Deregulation and Monetary Control Act ( 1980 ) Board of Governors, FRS v. Investment Co. Institute ( 1981 ) Black Monday ( 1987 ) Financial Institutions Reform, Recovery, and Enforcement Act ( 1989 ) Friday the 13th mini-crash ( 1989 ) Early 1990s recession ( 1990 -- 1991 ) Federal Deposit Insurance Corporation Improvement Act ( 1991 ) 1997 mini-crash Gramm -- Leach -- Bliley Act ( 1999 ) Dot - com bubble bursting ( 2000 -- 2002 ) 9 / 11 economic effects ( 2001 ) Stock market downturn of 2002 Early 2000s recession ( 2002 -- 2003 ) Financial crisis of 2007 -- 2008 Great Recession ( 2007 -- 2009 ) 2007 -- 2009 U.S. bear market Federal Reserve responses to the subprime crisis ( 2007 -- 2010 ) Bloomberg v. Federal Reserve ( 2009 ) Flash Crash ( 2010 ) August 2011 stock markets fall 2015 -- 16 stock market selloff Chairs Charles S. Hamlin ( 1914 -- 1916 ) William P.G. Harding ( 1916 -- 1922 ) Daniel R. Crissinger ( 1923 -- 1927 ) Roy A. Young ( 1927 -- 1930 ) Eugene Meyer ( 1930 -- 1933 ) Eugene R. Black ( 1933 -- 1934 ) Marriner S. Eccles ( 1934 -- 1948 ) Thomas B. McCabe ( 1948 -- 1951 ) William M. Martin ( 1951 -- 1970 ) Arthur F. Burns ( 1970 -- 1978 ) G. William Miller ( 1978 -- 1979 ) Paul Volcker ( 1979 -- 1987 ) Alan Greenspan ( 1987 -- 2006 ) Ben Bernanke ( 2006 -- 2014 ) Janet Yellen ( 2014 -- 2018 ) Jerome Powell ( 2018 -- ) Current governors Jerome Powell ( Chairman ) Richard Clarida ( Vice Chairman ) Randal Quarles ( Vice Chairman for Supervision ) Lael Brainard 3 seats vacant Current presidents Eric S. Rosengren ( Boston ) John C. Williams ( New York ) Patrick T. Harker ( Philadelphia ) Loretta J. Mester ( Cleveland ) Jeffrey M. Lacker ( Richmond ) Raphael Bostic ( Atlanta ) Charles L. Evans ( Chicago ) James B. Bullard ( St. Louis ) Neel Kashkari ( Minneapolis ) Esther George ( Kansas City ) Robert Steven Kaplan ( Dallas ) Mark A. Gould ( Acting - San Francisco ) 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=855836931 '' 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 21 August 2018, at 05 : 05 ( UTC ). 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Question: who appoints the members of the federal reserve board of governors
Answer: the President of the United States