Federal Reserve Board of Governors

Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country". The board is required to make an annual report of operations to the speaker of the House. It also supervises and regulates the operations of the Federal Reserve Banks, and the U.S. banking system in general. The Board obtains its funding from charges that it assesses on the Federal Reserve Banks, and not from the federal budget, though net earnings of the Federal Reserve Banks are ultimately remitted to the US Treasury. Membership is by statute limited in term, and a member who has served for a full 14-year term is not eligible for reappointment. 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. Records of the Federal Reserve Board of Governors are found in the Record Group number 82 at the National Archives and Records Administration. ==Current members==

The current members of the Board of Governors are as follows: ==Committees==

There are eight committees. • Committee on Board Affairs • Committee on Consumer and Community Affairs • Committee on Economic and Financial Monitoring and Research • Committee on Financial Stability • Committee on Federal Reserve Bank Affairs • Committee on Bank Supervision • Subcommittee on Smaller Regional and Community Banking • Committee on Payments, Clearing, and Settlement == List of governors ==

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. Since the Federal Reserve was established in 1914, the following people have served as governor. Status • Italics denotes date of term expiration == Succession of seats ==

The Federal Reserve Board has seven seats subject to Senate confirmation, separate from a member's term as chair or vice chair. == Structure of leadership ==

The chair, vice chair, and vice chair for supervision are appointed by the president from among the sitting members of the board to serve a four-year term and they can be renominated as many times as the president chooses, subject to Senate confirmation each time, until their terms on the Board of Governors expire. ==Nominations, confirmations, and resignations ==

Obama administration In late December 2011, President Barack Obama nominated Jeremy C. Stein, a Harvard University finance professor and a Democrat, and Jerome Powell, formerly of Dillon Read, Bankers Trust and the Carlyle Group and a Republican. Both candidates also have Treasury Department experience in the Obama and George H. W. Bush administrations respectively. The two other Obama nominees in 2011, Janet Yellen and Sarah Bloom Raskin, were confirmed in September. One of the vacancies was created in 2011 with the resignation of Kevin Warsh, who took office in 2006 to fill the unexpired term ending January 31, 2018, and resigned his position effective March 31, 2011. In March 2012, U.S. senator David Vitter (R, LA) said he would oppose Obama's Stein and Powell nominations, dampening near-term hopes for approval. However, Senate leaders reached a deal, paving the way for affirmative votes on the two nominees in May 2012 and bringing the board to full strength for the first time since 2006with Duke's service after term end. Later, on January 6, 2014, the United States Senate confirmed Yellen's nomination to be chair of the Federal Reserve Board of Governors; she was the first woman to hold the position. Subsequently, President Obama nominated Stanley Fischer to replace Yellen as the vice-chair. In April 2014, Stein announced he was leaving to return to Harvard on May 28 with four years remaining on his term. At the time of the announcement, the FOMC "already is down three members as it awaits the Senate confirmation of ... Fischer and Lael Brainard, and as [President] Obama has yet to name a replacement for ... Duke. ... Powell is still serving as he awaits his confirmation for a second term." Allan R. Landon, former president and CEO of the Bank of Hawaii, was nominated in early 2015 by President Obama to the board. In July 2015, President Obama nominated University of Michigan economist Kathryn M. Dominguez to fill the second vacancy on the board. The Senate had not yet acted on Landon's confirmation by the time of the second nomination. Daniel Tarullo submitted his resignation from the board on February 10, 2017, effective on or around April 5, 2017. Unsuccessful The below table shows those who were formally nominated to fill a vacant seat but failed to be confirmed by the Senate. In addition some have been announced but never formally nominated before being withdrawn from consideration. Alicia Munnell, representing Boston, was announced to fill LaWare's seat by Bill Clinton in 1995. Felix Rohatyn (district unknown) was announced to fill Alan Blinder's as vice chair and his seat in 1996. Steve Moore and Herman Cain were announced to fill Bloom Raskin and Yellen's seats (without specifying which seat or district) by Donald Trump in 2019. ==See also==