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Subject to the approval of the Federal Reserve Board of Governors, the president is appointed by the Reserve Bank's Class B and C directors (those directors who are not affiliated with a supervised entity).
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.
1. What is the role of a Federal Reserve Bank president? The president of a Federal Reserve Bank is the chief executive officer of the Bank. The president is responsible for all of the Reserve Bank’s activities, including monetary policy, bank supervision and regulation, and payments services.
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.
Reserve bank presidents oversee their banks’ work related to monetary policy, economic research, bank supervision and community development, among other activities. They also represent the voice of Main Street on the Federal Open Market Committee.
The Federal Reserve Bank of Philadelphia has initiated a nationwide search for its next President and CEO to succeed Patrick T. Harker, whose tenure will conclude on June 30, 2025, in accordance with Federal Reserve mandatory age and length of service policies.
Under the Federal Reserve Act, all presidents of Reserve banks serve five-year terms that end on the last day of February in years ending with the numerals 1 or 6 (for example, 2021 and 2026). The appointment of a president who takes office in intervening years ends upon the completion of that term.
The Federal Reserve Act details the process for selecting a Reserve Bank president. Class B and C members of a Reserve Bank's board of directors (the nonbanker directors) appoint presidents, who then must be approved by the Federal Reserve Board of Governors.
Susan M. Collins took office as the fourteenth president and CEO of the Federal Reserve Bank of Boston on July 1, 2022. On February 9, 2022, the Search Committee announced Dr. Susan M. Collins was selected as the next president and CEO of the Boston Fed.
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. [1]