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The following is a list of past and present members of the Board of Governors of the Federal Reserve System. A governor serves for a fourteen-year term after appointment and a member who serves a full term may not be reappointed; when a governor completes an unexpired portion of a term, they may be reappointed.
Federal Reserve Chairs (left to right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.Photo taken 1 May 2014, when Yellen was Chair. As stipulated by the Banking Act of 1935, the Chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate.
The board of governors is one of three key pillars making up the broader Federal Reserve System, along with the 12 regional reserve bank presidents and the Federal Open Market Committee (FOMC).
The majority of U.S. banks are not members of the Federal Reserve System. Federal Deposit Insurance Corporation (FDIC)-insured banks, national banks (N) and state members (SM) are members of the Federal Reserve System while the rest of the FDIC-insured banks are not members. Each charter type is defined as follows: [47]
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
A Federal Reserve Bank is a regional bank of the Federal Reserve ... of 2008 additionally authorized the Reserve Banks to pay interest on member bank reserves, ...
Lisa DeNell Cook is an American economist who has served as a member of the Federal Reserve Board of Governors since May 23, 2022. She is the first African American woman and first woman of color to sit on the Board. Before her appointment to the Federal Reserve, she was elected to the board of directors of the Federal Reserve Bank of Chicago. [1]
Philip Nathan Jefferson (born 1961/1962) [1] is an American economist who has been serving as 23rd Vice Chair of the Federal Reserve since September 2023. He has been a member of the Federal Reserve Board of Governors since 2022.