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Board of Governors

 

How are the Chairman and members of the Federal Reserve Board of Governors selected, and what are their terms of office?

The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even- numbered years. A member who serves a full term may not be reappointed. A member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the member is sworn into office.

The Chairman and the Vice Chairman of the Board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years. A member's term on the Board is not affected by his or her status as Chairman or Vice Chairman.

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Who are the members of the Federal Reserve Board, and how are they selected?

The seven members of the Board of Governors are nominated by the President of the United States and confirmed by the U.S. Senate. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country," and no two Governors may come from the same Federal Reserve District.

The full term of a Governor is 14 years; appointments are staggered so that one term expires on January 31 of each even-numbered year. A Governor who has served a full term may not be reappointed, but a Governor who was appointed to complete the balance of an unexpired term may be reappointed to a full 14-year term.

Once appointed, Governors may not be removed from office for their policy views. The lengthy terms and staggered appointments are intended to contribute to the insulation of the Board--and the Federal Reserve System as a whole-- from day-to-day political pressures to which it might otherwise be subject.

In addition to serving as members of the Board, the Chairman and Vice Chairman of the Board serve terms of four years, and they may be reappointed to those roles and serve until their terms as Governors expire. The Chairman serves as public spokesperson and representative of the Board and manager of the Board's staff. The Chairman also presides at Board meetings. Affirming the apolitical nature of the Board, recent Presidents of both major political parties have selected the same person as Board Chairman.

The Congress sets the salaries of the Board members. For 2014, the Chairman's annual salary is $201,700. The annual salary of the other Board members (including the Vice Chairman) is $181,500.


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What are the salaries of the Board members?
The Congress sets the salaries of the Board members. For 2014, the Chairman's annual salary is $201,700. The annual salary of the other Board members (including the Vice Chairman) is $181,500.

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What is the relationship of the Board of Governors to the Federal Reserve Banks?
In public debate prior to passage of the Federal Reserve Act, some private-sector bankers expressed concern that a central bank governed by a Board of Governors appointed by the government would not be sufficiently responsive to the needs of the financial community. Certain agrarian interests, on the other hand, felt that an independent central bank would yield too much control over monetary affairs to the private banks. As a result, the Federal Reserve System was structured with two levels of authority- -the Board of Governors, located in Washington, D.C., has a centralized and supervisory public influence over the Reserve Banks, while the individual Reserve Banks maintain narrower control over their own day-to-day operations.

How can I send comments, suggestions, or requests to a Board member by e-mail?
Write directly to the Board member, addressing him or her as "The Honorable." Because the Board receives many requests, please allow at least ten business days for a response. Requests may be faxed to 202-452-3819 or mailed to the following address: Federal Reserve Board, 20th Street and Constitution Avenue, NW, Washington, DC 20551

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How can I contact members of the Board of Governors or request to have a Board member speak at an event?
Write directly to the Board member, addressing him or her as "The Honorable." Because the Board receives many requests, please allow at least ten business days for a response. Requests may be faxed to 202-452-3819 or mailed to the following address: Federal Reserve Board 20th Street and Constitution Avenue, N.W. Washington, D.C. 20551

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Is it legal for Board employees to own stock or to trade in the market?
Yes, generally, Board employees, and their spouses and minor children, are allowed to own or trade stock, except the stock of depository institutions or affiliates of such institutions. Also, employees who have ongoing access to the most sensitive Federal Open Market Committee information, and their spouses and minor children, may not own stock in primary government securities dealers or their affiliates, and they are restricted as to when they may buy and sell securities

Where can I find a list of all Federal Reserve Board governors since 1913?
This information can be found on the Web site of the Board of Governors at: http://federalreserve.gov/bios/boardmembersh ip.htm.

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Who is the current chair of the Federal Reserve Board?

Janet Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014. Dr. Yellen's term as Chair ends February 3, 2018, and her term as a member of the Board ends January 31, 2024.

Prior to her appointment as Chair, she served as Vice Chair. Dr. Yellen previously served as President and Chief Executive Officer of the Twelfth District Federal Reserve Bank, at San Francisco.

More information about Chair Yellen is available on the website of the Board of Governors.


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