The FED on Thursday announced the approval of the reappointment of 12 Federal Reserve Bank presidents & 11 first vice presidents, as previously made by their respective boards of directors.1 Each individual has been approved to serve a new five-year term beginning March 1, 2021.
Under section 4 of the Federal Reserve Act, all Reserve Bank presidents & first vice presidents serve five-year terms that expire at the end of February in years ending in 1 or 6. Presidents & first vice presidents who take office in intervening years are initially appointed for the remainder of the current term. Class B & C Reserve Bank directors who are not affiliated with a supervised entity are eligible to vote on appointment & subsequent reappointment actions for presidents & first vice presidents.
“The leaders of our Reserve Banks play a vital role in supporting the economic health of communities across our country,” said Governor Lael Brainard, chair of the Board’s Committee on Reserve Bank Affairs. “Over the past year alone, this has been apparent in the many ways they have been engaged in the Federal Reserve’s responses to the COVID crisis & the national discussion on systemic inequities. Reflecting these important responsibilities, the eligible Reserve Bank directors, with significant input from the Board of Governors & key stakeholders, have conducted a rigorous process to inform their reappointment decisions.”
Reappointment decisions by Reserve Bank boards of directors, & subsequent approval by the Board of Governors of such actions, are informed by assessments of various relevant performance dimensions including the ability of their president to effectively lead the Reserve Bank, the president’s performance in achieving the Reserve Bank’s & Federal Reserve System’s objectives, & the president’s ability to effectively represent the Federal Reserve to the public. The performance appraisal of the first vice president considers strategic leadership of the Reserve Bank, with a focus on operational capacity & organizational strength, as well as contributions to System initiatives.
Class B & C directors represent a wide range of business & community interests that are affected by Federal Reserve policies. They are therefore well-positioned to assess the contributions & impacts of the Bank, its programs, & its leadership across the respective District.
In addition, each president’s performance is discussed annually by the chair & deputy chair of each Reserve Bank board & the Board of Governors’ Committee on Federal Reserve Bank Affairs, & the performance of each first vice president is discussed by that group & the Bank’s president.
A list of presidents & first vice presidents, by Federal Reserve District, follows:
Boston: Eric S. Rosengren, president, & Kenneth C. Montgomery, first vice president
New York: John C. Williams, president
Philadelphia: Patrick T. Harker, president, & James D. Narron, first vice president
Cleveland: Loretta J. Mester, president, & Gregory L. Stefani, first vice president
Richmond: Thomas I. Barkin, president, & Becky C. Bareford, first vice president
Atlanta: Raphael W. Bostic, president, & André T. Anderson, first vice president
Chicago: Charles L. Evans, president, & Ellen J. Bromagen, first vice president
St. Louis: James B. Bullard, president, & Kathleen O. Paese, first vice president
Minneapolis: Neel T. Kashkari, president, & Ron J. Feldman, first vice president
Kansas City: Esther L. George, president, & Kelly J. Dubbert, first vice president
Dallas: Robert S. Kaplan, president, & Meredith N. Black, first vice president
San Francisco: Mary C. Daly, president, & Mark A. Gould, first vice president
For media inquiries, call 202-452-2955.
1. Michael Strine, first vice president of the Federal Reserve Bank of New York, previously announced his retirement at the conclusion of his current term on February 28, 2021. A search for his successor is now underway (https://www.newyorkfed.org/newsevents/news/aboutthefed/2020/20201020). Return to text
Source: Federal Reserves
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