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How are the Chairman and members of the Federal Reserve Board of Governors selected, and what is the term of office?
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 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 fourteen 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 an unexpired term may be reappointed to a full fourteen-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. If all Governors serve full terms, a President would be able to appoint only two Governors during a four-year presidential term. Moreover, even a President reelected for a second term would not have appointed a majority of the Governors until late in the second term. In reality, many Governors do not complete their fourteen-year terms, and recent Presidents have averaged more than one appointment to the Board every two years.
As stipulated in the Banking Act of 1935, the Chairman and
Vice Chairman of the Board are chosen by the President
from
among the sitting Governors and must be confirmed by the
Senate. They serve terms of four years and may be
reappointed as Chairman or Vice Chairman until their terms
as Governors expire. The Chairman serves as public
spokesperson and representative of the Board and manager
of
the Board's staff and presides at Board meetings.
Affirming the apolitical nature of the Board, recent
Presidents representing both major political parties have
selected the same person as Board Chairman.
Who are the current Board members?
A list of current Board members is available on the Board of Governors' web site.
A list of current Board members is available on the Board of Governors' web site.
What are the salaries of the Board members?
Congress sets the salaries of the Board members. Salary information may be found on the Board's public website.
Congress sets the salaries of the Board members. Salary information may be found on the Board's public website.
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.
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 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, NW, Washington, DC 20551
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
How can I send comments, suggestions, or requests to a Board member by e-mail?
Because of the many requests and suggestions received from the public, we cannot provide the individual e-mail addresses of the Board members.
Because of the many requests and suggestions received from the public, we cannot provide the individual e-mail addresses of the Board members.
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
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 of the governors of the
Federal Reserve Board since 1913?
This information can be found on the Web site of the Board of Governors at this link: http://www.federalreserve.gov/bios/boardmembership.htm
This information can be found on the Web site of the Board of Governors at this link: http://www.federalreserve.gov/bios/boardmembership.htm
Who is the current chairman of the Federal Reserve Board?
Ben Bernanke is the current chairman of the Board of Governors of the Federal Reserve System. Chairman Bernanke was sworn in as a member of the Board and as Chairman on February 1, 2006. He was appointed as a member of the Board to a full 14-year term, which expires January 31, 2020, and to a four-year term as Chairman, which expires January 31, 2010.
Ben Bernanke is the current chairman of the Board of Governors of the Federal Reserve System. Chairman Bernanke was sworn in as a member of the Board and as Chairman on February 1, 2006. He was appointed as a member of the Board to a full 14-year term, which expires January 31, 2020, and to a four-year term as Chairman, which expires January 31, 2010.
