Vice Chair of the Federal Reserve: Difference between revisions
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{{short description| |
{{short description|Second-highest officer of the United States Federal Reserve System}} |
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{{Use mdy dates|date=July 2016}} |
{{Use mdy dates|date=July 2016}} |
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{{Infobox official post |
{{Infobox official post |
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| insigniasize = 120px |
| insigniasize = 120px |
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| insigniacaption = Seal of the [[Federal Reserve System|Board of Governors]] |
| insigniacaption = Seal of the [[Federal Reserve System|Board of Governors]] |
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| image = |
| image = Jefferson Philip BDM June 16 22-091 8x10 (52247534443).jpg |
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| incumbent = [[ |
| incumbent = [[Philip Jefferson]] |
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| incumbentsince = |
| incumbentsince = September 13, 2023 |
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| department = [[United States Federal Reserve System]] |
| department = [[United States Federal Reserve System]] |
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| member_of = [[Federal Reserve Board of Governors|Board of Governors]]<br />[[Federal Open Market Committee|Open Market Committee]] |
| member_of = [[Federal Reserve Board of Governors|Board of Governors]]<br />[[Federal Open Market Committee|Open Market Committee]] |
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| formation = {{Start date and years ago|1914|8|10}} |
| formation = {{Start date and years ago|1914|8|10}} |
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| first = [[Frederic Adrian Delano]] |
| first = [[Frederic Adrian Delano]] |
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| salary = [[Executive Schedule|Executive Schedule, Level II]]<ref name=" |
| salary = [[Executive Schedule|Executive Schedule, Level II]]<ref name="UnitedStatesCode|5|5313">{{UnitedStatesCode|5|5313}}</ref> |
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| website = {{url|https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm|www.federalreserve.gov}} |
| website = {{url|https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm|www.federalreserve.gov}} |
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}} |
}} |
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The '''vice chair of the Board of Governors of the Federal Reserve System''' is the second-highest officer of the [[Federal Reserve]], after the [[chair of the Federal Reserve]] |
The '''vice chair of the Board of Governors of the Federal Reserve System''' is the second-highest officer of the [[Federal Reserve]], after the [[chair of the Federal Reserve]]. In the absence of the chair, the vice chair presides over the meetings [[Board of Governors of the Federal Reserve System]]. |
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The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the [[president of the United States]] and confirmed by the [[United States Senate]], and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms |
The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the [[president of the United States]] and confirmed by the [[United States Senate]], and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with [[Ronald Ransom]] as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term.<ref name=cumber>{{Cite web |url=https://www.cumber.com/can-the-president-fire-the-chairman-of-the-federal-reserve/ |title=Can the President Fire the Chairman of the Federal Reserve? |access-date=August 26, 2019 |archive-date=July 27, 2020 |archive-url=https://web.archive.org/web/20200727192621/https://www.cumber.com/can-the-president-fire-the-chairman-of-the-federal-reserve/ |url-status=dead }}</ref> |
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The position of vice chair is currently held by [[ |
The position of vice chair is currently held by [[Philip Jefferson]] who was sworn in on September 13, 2023.<ref>{{cite web|url=https://www.federalreserve.gov/newsevents/pressreleases/other20230913a.htm|title=Philip N. Jefferson sworn in as Vice Chair of the Board of Governors of the Federal Reserve System|website=Federal Reserve|accessdate=September 13, 2023}}</ref> The position of vice chair for supervision is currently held by [[Michael Barr (Treasury official)|Michael Barr]] who was sworn in on July 19, 2022.<ref>{{cite web|url=https://www.federalreserve.gov/newsevents/pressreleases/other20220719a.htm|title=Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System|website=Federal Reserve|accessdate=July 19, 2022}}</ref> |
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== 1935 reorganization == |
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Section 203 of the [[Banking Act of 1935]] changed the name of the "Federal Reserve Board" to the "Board of Governors of the Federal Reserve System," the "vice governor" as the "vice chairman" of the Board, and renamed "members" of the Board as "governors."<ref>Sec. 203, Banking Act of 1935, Public Law no. 305, 49 Stat. 684, 704 (Aug. 23, 1935).</ref> |
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The Banking Act of 1935 also made the following structural changes: |
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{{quote| |
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* increased the number of members of the Board appointed by the President from six to seven |
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* required the President to designate one of the persons appointed as "chairman" of the Board and one as "vice chairman" of the Board, each to serve in such role for a term of four years |
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* specified that the appointive members in office on the date of the act should continue to serve until February 1, 1936, or until their successors were appointed and had qualified; thereafter, the members' terms should be 14 years |
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* specified that the ex officio members in office on the date of the act (the Secretary of the Treasury and the Comptroller of the Currency) were to continue to serve as ex officio members only until February 1, 1936, but made no further provision for ex officio members |
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* provided that the "chairman of the Board, subject to its supervision, shall be its active executive officer"}} |
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In the 1935 Act, the district deputy heads, who had been labeled the vice governors, received the title of first vice president (e.g., "first vice president of the Federal Reserve Bank of St. Louis" ).<ref>{{Cite web |last1=Richardson |first1=Gary |last2=Komai |first2=Alejandro |last3=Gou |first3=Michael |date=November 22, 2013 |title=Banking Act of 1935 |publisher=www.federalreservehistory.org |url=https://www.federalreservehistory.org/essays/banking-act-of-1935 |access-date=June 12, 2021 |archive-url=https://web.archive.org/web/20201121023834/https://www.federalreservehistory.org/essays/banking-act-of-1935 |archive-date=November 21, 2020 |url-status=live}}</ref> |
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== Appointment process == |
== Appointment process == |
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| Line 65: | Line 52: | ||
== Salary == |
== Salary == |
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Vice |
The Vice Chair of the Federal Reserve and the Vice Chair for Supervision are [[Executive Schedule#Level II|Level II positions in the Executive Schedule]],<ref name="UnitedStatesCode|5|5313"/> thus earning the salary prescribed for that level ([[US Dollar|US$]]203,700, as of January 2023).<ref name="Salary">{{Cite web|url=https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/salary-tables/pdf/2022/EX.pdf|title=Salary Table No. 2021-EX Rates of Basic Pay for the Executive Schedule (EX)}}</ref> |
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== List of Fed vice chairs == |
== List of Fed vice chairs == |
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| Line 74: | Line 61: | ||
!rowspan="2"|{{No.}} |
!rowspan="2"|{{No.}} |
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!rowspan="2"|Portrait |
!rowspan="2"|Portrait |
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!rowspan="2"|Name<br />{{small|( |
!rowspan="2"|Name<br />{{small|(Birth–death)}} |
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!colspan="2"|Term of office{{efn|name=fn2}} |
!colspan="2"|Term of office{{efn|name=fn2}} |
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!rowspan="2"|Tenure length |
!rowspan="2"|Tenure length |
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!rowspan="2"|Appointed by{{efn|name=fn3}}<!--This list includes only the president who nominated or reappointed the Federal Reserve vice chairman, contrary to all presidents under whom the vice chairman served during his or her term of office. --> |
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!rowspan="2"|Appointed by |
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|- |
|- |
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!Start of term |
!Start of term |
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| Line 84: | Line 71: | ||
!1 |
!1 |
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|[[File:Portrait of Frederic Adrian Delano.jpg|90px]] |
|[[File:Portrait of Frederic Adrian Delano.jpg|90px]] |
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| |
|{{sortname|Frederic|Delano|Frederic Adrian Delano}}<br />{{small|(1863–1953)}} |
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|August 10, 1914 |
|August 10, 1914 |
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|August 9, 1916 |
|August 9, 1916 |
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| Line 92: | Line 79: | ||
!2 |
!2 |
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|[[File:Paul Warburg 01.jpg|90px]] |
|[[File:Paul Warburg 01.jpg|90px]] |
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| |
|{{sortname|Paul|Warburg}}<br />{{small|(1868–1932)}} |
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|August 10, 1916 |
|August 10, 1916 |
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|August 9, 1918 |
|August 9, 1918 |
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| Line 99: | Line 86: | ||
!3 |
!3 |
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|[[File:Official portrait of Federal Reserve Vice Chair Albert Strauss.jpg|90px]] |
|[[File:Official portrait of Federal Reserve Vice Chair Albert Strauss.jpg|90px]] |
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| |
|{{sortname|Albert|Strauss|dab=central banker}}<br />{{small|(1864–1929)}} |
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|October 26, 1918 |
|October 26, 1918 |
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|March 15, 1920 |
|March 15, 1920 |
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| Line 106: | Line 93: | ||
!4 |
!4 |
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|[[File:Edmund Platt.jpg|90px]] |
|[[File:Edmund Platt.jpg|90px]] |
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| |
|{{sortname|Edmund|Platt}}<br />{{small|(1865–1939)}} |
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|July 23, 1920 |
|July 23, 1920 |
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|September 14, 1930 |
|September 14, 1930 |
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| Line 113: | Line 100: | ||
!5 |
!5 |
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|[[File:Official portrait of Federal Reserve Vice Chair John J. Thomas.jpg|90px]] |
|[[File:Official portrait of Federal Reserve Vice Chair John J. Thomas.jpg|90px]] |
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| |
|{{sortname|John|Thomas|dab=central banker}}<br />{{small|(1869–unknown)}} |
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|August 21, 1934 |
|August 21, 1934 |
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|February 10, 1936 |
|February 10, 1936 |
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| Line 121: | Line 108: | ||
!6 |
!6 |
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|[[File:Ronald Ransom.jpg|90px]] |
|[[File:Ronald Ransom.jpg|90px]] |
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| |
|{{sortname|Ronald|Ransom}}<br />{{small|(1882–1947)}} |
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|August 6, 1936 |
|August 6, 1936 |
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|December 2, 1947 |
|December 2, 1947 |
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| Line 128: | Line 115: | ||
!7 |
!7 |
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|[[File:Canby_Balderston.jpg|90px]] |
|[[File:Canby_Balderston.jpg|90px]] |
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| |
|{{sortname|Canby|Balderston|C. Canby Balderston}}<br />{{small|(1897–1979)}} |
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|March 11, 1955 |
|March 11, 1955 |
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|February 28, 1966 |
|February 28, 1966 |
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| Line 136: | Line 123: | ||
!8 |
!8 |
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|[[File:Official portrait of Federal Reserve Vice Chair James L. Robertson.jpg|90px]] |
|[[File:Official portrait of Federal Reserve Vice Chair James L. Robertson.jpg|90px]] |
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| |
|{{sortname|James|Robertson|dab=central banker}}<br />{{small|(1907–1994)}} |
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|March 1, 1966 |
|March 1, 1966 |
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|April 30, 1973 |
|April 30, 1973 |
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| Line 144: | Line 131: | ||
!9 |
!9 |
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|[[File:George_W._Mitchell.jpg|90px]] |
|[[File:George_W._Mitchell.jpg|90px]] |
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| |
|{{sortname|George|Mitchell|George W. Mitchell}}<br />{{small|(1904–1997)}} |
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|May 1, 1973 |
|May 1, 1973 |
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|February 13, 1976 |
|February 13, 1976 |
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| Line 152: | Line 139: | ||
!10 |
!10 |
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|[[File:Vice Chair Stephen S Gardner 140501.jpg|90px]] |
|[[File:Vice Chair Stephen S Gardner 140501.jpg|90px]] |
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| |
|{{sortname|Stephen|Gardner}}<br />{{small|(1921–1978)}} |
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|February 13, 1976 |
|February 13, 1976 |
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|November 19, 1978 |
|November 19, 1978 |
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| Line 160: | Line 147: | ||
!11 |
!11 |
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|[[File:Frederick Schultz.jpg|90px]] |
|[[File:Frederick Schultz.jpg|90px]] |
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| |
|{{sortname|Frederick|Schultz|Frederick H. Schultz}}<br />{{small|(1929–2009)}} |
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|July 27, 1979 |
|July 27, 1979 |
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|February 11, 1982 |
|February 11, 1982 |
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| Line 168: | Line 155: | ||
!12 |
!12 |
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|[[File:Vice Chair Preston Martin.jpg|90px]] |
|[[File:Vice Chair Preston Martin.jpg|90px]] |
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| |
|{{sortname|Preston|Martin}}<br />{{small|(1923–2007)}} |
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|March 31, 1982 |
|March 31, 1982 |
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|April 30, 1986 |
|April 30, 1986 |
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| Line 176: | Line 163: | ||
!13 |
!13 |
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|[[File:Manuel H. Johnson.jpg|90px]] |
|[[File:Manuel H. Johnson.jpg|90px]] |
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| |
|{{sortname|Manley|Johnson|Manuel H. Johnson}}<br />{{small|(born 1949)}} |
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|August 4, 1986 |
|August 4, 1986 |
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|August 3, 1990 |
|August 3, 1990 |
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| Line 183: | Line 170: | ||
!14 |
!14 |
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|[[File:Official portrait of Federal Reserve Vice Chair David W. Mullins Jr..jpg|90px]] |
|[[File:Official portrait of Federal Reserve Vice Chair David W. Mullins Jr..jpg|90px]] |
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| |
|{{sortname|David|Mullins|David W. Mullins Jr.}}<br />{{small|(1946–2018)}} |
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|July 24, 1991 |
|July 24, 1991 |
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|February 14, 1994 |
|February 14, 1994 |
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| Line 191: | Line 178: | ||
!15 |
!15 |
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|[[File:Alan S. Blinder, Vice Chairman Federal Reserve.jpg|90px]] |
|[[File:Alan S. Blinder, Vice Chairman Federal Reserve.jpg|90px]] |
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| |
|{{sortname|Alan|Blinder}}<br />{{small|(born 1945)}} |
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|June 27, 1994 |
|June 27, 1994 |
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|January 31, 1996 |
|January 31, 1996 |
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| Line 199: | Line 186: | ||
!16 |
!16 |
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|[[File:Alice Rivlin.jpg|90px]] |
|[[File:Alice Rivlin.jpg|90px]] |
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| |
|{{sortname|Alice|Rivlin}}<br />{{small|(1931–2019)}} |
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|June 25, 1996 |
|June 25, 1996 |
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|July 16, 1999 |
|July 16, 1999 |
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| Line 206: | Line 193: | ||
!17 |
!17 |
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|[[File:RogerWFergusonJr.jpg|90px]] |
|[[File:RogerWFergusonJr.jpg|90px]] |
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| |
|{{sortname|Roger|Ferguson|Roger W. Ferguson Jr.}}<br />{{small|(born 1951)}} |
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|October 5, 1999 |
|October 5, 1999 |
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|April 28, 2006 |
|April 28, 2006 |
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| Line 214: | Line 201: | ||
!18 |
!18 |
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|[[File:Don Kohn.jpg|90px]] |
|[[File:Don Kohn.jpg|90px]] |
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| |
|{{sortname|Don|Kohn|Donald Kohn}}<br />{{small|(born 1942)}} |
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|June 23, 2006 |
|June 23, 2006 |
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|June 23, 2010 |
|June 23, 2010 |
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| Line 222: | Line 209: | ||
!19 |
!19 |
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|[[File:Janet Yellen official portrait.jpg|90px]] |
|[[File:Janet Yellen official portrait.jpg|90px]] |
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| |
|{{sortname|Janet|Yellen}}<br />{{small|(born 1946)}} |
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|October 4, 2010 |
|October 4, 2010 |
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|February 3, 2014 |
|February 3, 2014 |
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| Line 230: | Line 217: | ||
!20 |
!20 |
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|[[File:Stanley Fischer (14152693510).jpg|90px]] |
|[[File:Stanley Fischer (14152693510).jpg|90px]] |
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| |
|{{sortname|Stan|Fischer|Stanley Fischer}}<br />{{small|(born 1943)}} |
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|June 16, 2014 |
|June 16, 2014 |
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|October 16, 2017 |
|October 16, 2017 |
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| Line 237: | Line 224: | ||
!21 |
!21 |
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|[[File:Richard Clarida official photo.jpg|90px]] |
|[[File:Richard Clarida official photo.jpg|90px]] |
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| |
|{{sortname|Richard|Clarida}}<br />{{small|(born 1957)}} |
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|September 17, 2018 |
|September 17, 2018 |
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|January 14, 2022 |
|January 14, 2022 |
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| Line 243: | Line 230: | ||
!style="font-weight:normal"|[[Donald Trump]] |
!style="font-weight:normal"|[[Donald Trump]] |
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|- |
|- |
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! |
!22 |
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|[[File:Lael Brainard (14438068496).jpg|90px]] |
|[[File:Lael Brainard (14438068496).jpg|90px]] |
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| |
|{{sortname|Lael|Brainard}}<br />{{small|(born 1962)}} |
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|May 23, 2022 |
|May 23, 2022 |
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|February 18, 2023 |
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| ⚫ | |||
|{{age in years and days|2022|5|23}} |
|{{age in years and days|2022|5|23|2023|2|18}} |
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!style="font-weight:normal"|[[Joe Biden]] |
!style="font-weight:normal" rowspan=2 |[[Joe Biden]] |
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|- |
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!23 |
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|[[File:Jefferson Philip BDM June 16 22-091 8x10 (52247534443).jpg|90px]] |
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|{{sortname|Philip|Jefferson}}<br />{{small|(born 1961/1962)}} |
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|September 13, 2023 |
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| ⚫ | |||
|{{age in years and days|2023|9|13}} |
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== |
==List of Fed vice chairs for supervision== |
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The [[Dodd–Frank Wall Street Reform and Consumer Protection Act]], which came into force on July 21, 2010, required the |
The [[Dodd–Frank Wall Street Reform and Consumer Protection Act]], which came into force on July 21, 2010, required the president to designate, by and with the advice and consent of the Senate, a new "Vice Chairman for Supervision," who "shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board and shall oversee the supervision and regulation of such firms."<ref name="vicechairappointment">see {{usc|12|244}}</ref> Since the Dodd–Frank Act was enacted in 2010, the following people have served as vice chair for supervision.<ref name="Vice Chairs" /> |
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{| class="wikitable" style="text-align:center" |
{| class="wikitable" style="text-align:center" |
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!rowspan="2"|{{No.}} |
!rowspan="2"|{{No.}} |
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!rowspan="2"|Portrait |
!rowspan="2"|Portrait |
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!rowspan="2"|Name<br />{{small|( |
!rowspan="2"|Name<br />{{small|(Birth–death)}} |
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!colspan="2"|Term of office{{efn|name=fn2}} |
!colspan="2"|Term of office{{efn|name=fn2}} |
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!rowspan="2"|Tenure length |
!rowspan="2"|Tenure length |
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!rowspan="2"| |
!rowspan="2"|Appointed by |
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|- |
|- |
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!Start of term |
!Start of term |
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| Line 269: | Line 263: | ||
!1 |
!1 |
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|[[File:Randal Quarles official photo.jpg|90px]] |
|[[File:Randal Quarles official photo.jpg|90px]] |
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|{{sortname|Randy|Quarles|Randal Quarles}}<br />{{small|(born 1957)}} |
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|October 13, 2017 |
|October 13, 2017 |
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|October 13, 2021 |
|October 13, 2021 |
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| Line 276: | Line 270: | ||
|- |
|- |
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!2 |
!2 |
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|[[File:Michael Barr.jpg|90px]] |
|[[File:Michael S. Barr, Federal Reserve Member.jpg|90px]] |
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|{{sortname|Michael|Barr|dab=Treasury official}}<br />{{small|(born 1965/1966)}} |
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|July 19, 2022 |
|July 19, 2022 |
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|Incumbent |
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|{{age in years and days|2022|7|19}} |
|{{age in years and days|2022|7|19}} |
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!style="font-weight:normal"|[[Joe Biden]] |
!style="font-weight:normal"|[[Joe Biden]] |
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| Line 291: | Line 285: | ||
==Notes== |
==Notes== |
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{{notelist|refs= |
{{notelist|refs= |
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{{efn|name=fn1| |
{{efn|name=fn1|The position was established as Vice Governor of the Federal Reserve Board on December 23, 1913; thereafter became Vice Chairman of the Board of Governors of the Federal Reserve System on August 23, 1935; and re-aligned to be [[gender-neutral]] after Rivlin became the first female officeholder on June 25, 1996.}} |
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{{efn|name=fn2|The ''start date'' given here for each officeholder is the day they took the [[oath of office]], and the ''end date'' is the day of |
{{efn|name=fn2|The ''start date'' given here for each officeholder is the day they took the [[oath of office]], and the ''end date'' is the day of their term expiration, resignation, retirement, or death.}} |
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{{efn|name=fn3|A fixed term with reappointment for the Vice Chair, then known as Vice Governor, was not added to the [[Federal Reserve Act]] until the [[Banking Act of 1935]] (P.L. 74-305, 49 Stat. 684).}} |
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}} |
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Latest revision as of 16:44, 13 September 2023
| Vice Chair of the Board of Governors of the Federal Reserve System | |
|---|---|
 Seal of the Board of Governors | |
 Flag of the Federal Reserve System | |
.jpg) | |
| United States Federal Reserve System | |
| Member of | Board of Governors Open Market Committee |
| Reports to | United States Congress |
| Seat | Eccles Building Washington, D.C. |
| Appointer | President with Senate advice and consent |
| Term length | Four years, renewable (as Vice Chair) 14 years, non-renewable (as Governor) |
| Constituting instrument | Federal Reserve Act |
| Formation | August 10, 1914 |
| First holder | Frederic Adrian Delano |
| Salary | Executive Schedule, Level II[1] |
| Website | www.federalreserve.gov |
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of Governors of the Federal Reserve System.
The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with Ronald Ransom as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term.[2]
The position of vice chair is currently held by Philip Jefferson who was sworn in on September 13, 2023.[3] The position of vice chair for supervision is currently held by Michael Barr who was sworn in on July 19, 2022.[4]
Appointment process
[edit]As stipulated by the Banking Act of 1935, the president may designated to serve as Vice Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors.[5][6][7] The Senate Committee responsible for vetting a Federal Reserve vice chair and vice chair for supervision nominees is the Senate Committee on Banking.
Duties of the Fed vice сhairs
[edit]The vice chair of the Board shall serve in the absence of the chair as leader of the Federal Reserve system until chair's replacement was installed by the Senate.[8][9][10]
By law, the vice chair, as part of the Board, make a full report of its operations to the speaker of the House, on progress towards the Fed's responsibilities and monetary policy objectives, which are "maximum employment, stable prices, and moderate long-term interest rates."[11]
The duties of the vice chair for supervision would include developing policy recommendations regarding supervision and regulation for the Board. The vice chairman of supervision will report to Congress semiannually on the efforts of the board with respect to the conduct of supervision and regulation.[9]
By law, the vice chair for supervision shall appear before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services of the House of Representatives and at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board.[12]
Conflict of interest law
[edit]The law applicable to the chair, vice chairs and all other members of the board provides (in part):
No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any bank, banking institution, trust company, or Federal Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his duties as a member of the Board of Governors of the Federal Reserve System he shall certify under oath that he has complied with this requirement, and such certification shall be filed with the secretary of the Board.[13]
Salary
[edit]The Vice Chair of the Federal Reserve and the Vice Chair for Supervision are Level II positions in the Executive Schedule,[1] thus earning the salary prescribed for that level (US$203,700, as of January 2023).[14]
List of Fed vice chairs
[edit]The following is a list of past and present vice chairs of the Board of Governors of the Federal Reserve System. A vice chair serves for a four-year term after appointment, but may be reappointed for several consecutive four-year terms. Since the Federal Reserve was established in 1914, the following people have served as vice chair.[a][15]
| # | Portrait | Name (Birth–death) |
Term of office[b] | Tenure length | Appointed by[c] | |
|---|---|---|---|---|---|---|
| Start of term | End of term | |||||
| 1 | 
|
Frederic Delano (1863–1953) |
August 10, 1914 | August 9, 1916 | 1 year, 365 days | Woodrow Wilson |
| 2 | 
|
Paul Warburg (1868–1932) |
August 10, 1916 | August 9, 1918 | 1 year, 364 days | |
| 3 | 
|
Albert Strauss (1864–1929) |
October 26, 1918 | March 15, 1920 | 1 year, 141 days | |
| 4 | 
|
Edmund Platt (1865–1939) |
July 23, 1920 | September 14, 1930 | 10 years, 53 days | |
| 5 | 
|
John Thomas (1869–unknown) |
August 21, 1934 | February 10, 1936 | 1 year, 173 days | Franklin D. Roosevelt |
| 6 | 
|
Ronald Ransom (1882–1947) |
August 6, 1936 | December 2, 1947 | 11 years, 118 days | |
| 7 | 
|
Canby Balderston (1897–1979) |
March 11, 1955 | February 28, 1966 | 10 years, 354 days | Dwight D. Eisenhower John F. Kennedy |
| 8 | 
|
James Robertson (1907–1994) |
March 1, 1966 | April 30, 1973 | 7 years, 60 days | Lyndon B. Johnson Richard Nixon |
| 9 | 
|
George Mitchell (1904–1997) |
May 1, 1973 | February 13, 1976 | 2 years, 288 days | Richard Nixon |
| 10 | 
|
Stephen Gardner (1921–1978) |
February 13, 1976 | November 19, 1978 | 2 years, 279 days | Gerald Ford |
| 11 | 
|
Frederick Schultz (1929–2009) |
July 27, 1979 | February 11, 1982 | 2 years, 199 days | Jimmy Carter |
| 12 | 
|
Preston Martin (1923–2007) |
March 31, 1982 | April 30, 1986 | 4 years, 30 days | Ronald Reagan |
| 13 | 
|
Manley Johnson (born 1949) |
August 4, 1986 | August 3, 1990 | 3 years, 364 days | |
| 14 | 
|
David Mullins (1946–2018) |
July 24, 1991 | February 14, 1994 | 2 years, 205 days | George H. W. Bush |
| 15 | 
|
Alan Blinder (born 1945) |
June 27, 1994 | January 31, 1996 | 1 year, 218 days | Bill Clinton |
| 16 | 
|
Alice Rivlin (1931–2019) |
June 25, 1996 | July 16, 1999 | 3 years, 21 days | |
| 17 | 
|
Roger Ferguson (born 1951) |
October 5, 1999 | April 28, 2006 | 6 years, 205 days | Bill Clinton George W. Bush |
| 18 | 
|
Don Kohn (born 1942) |
June 23, 2006 | June 23, 2010 | 4 years, 0 days | George W. Bush |
| 19 | 
|
Janet Yellen (born 1946) |
October 4, 2010 | February 3, 2014 | 3 years, 122 days | Barack Obama |
| 20 | .jpg)
|
Stan Fischer (born 1943) |
June 16, 2014 | October 16, 2017 | 3 years, 122 days | |
| 21 | 
|
Richard Clarida (born 1957) |
September 17, 2018 | January 14, 2022 | 3 years, 119 days | Donald Trump |
| 22 | .jpg)
|
Lael Brainard (born 1962) |
May 23, 2022 | February 18, 2023 | 271 days | Joe Biden |
| 23 |
|
Philip Jefferson (born 1961/1962) |
September 13, 2023 | Incumbent | 1 year, 102 days | |
List of Fed vice chairs for supervision
[edit]The Dodd–Frank Wall Street Reform and Consumer Protection Act, which came into force on July 21, 2010, required the president to designate, by and with the advice and consent of the Senate, a new "Vice Chairman for Supervision," who "shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board and shall oversee the supervision and regulation of such firms."[8] Since the Dodd–Frank Act was enacted in 2010, the following people have served as vice chair for supervision.[15]
| # | Portrait | Name (Birth–death) |
Term of office[b] | Tenure length | Appointed by | |
|---|---|---|---|---|---|---|
| Start of term | End of term | |||||
| 1 | 
|
Randy Quarles (born 1957) |
October 13, 2017 | October 13, 2021 | 4 years, 0 days | Donald Trump |
| 2 | 
|
Michael Barr (born 1965/1966) |
July 19, 2022 | Incumbent | 2 years, 158 days | Joe Biden |
See also
[edit]
Notes
[edit]- ^ The position was established as Vice Governor of the Federal Reserve Board on December 23, 1913; thereafter became Vice Chairman of the Board of Governors of the Federal Reserve System on August 23, 1935; and re-aligned to be gender-neutral after Rivlin became the first female officeholder on June 25, 1996.
- ^ a b The start date given here for each officeholder is the day they took the oath of office, and the end date is the day of their term expiration, resignation, retirement, or death.
- ^ A fixed term with reappointment for the Vice Chair, then known as Vice Governor, was not added to the Federal Reserve Act until the Banking Act of 1935 (P.L. 74-305, 49 Stat. 684).
References
[edit]- ^ a b 5 U.S.C. § 5313
- ^ "Can the President Fire the Chairman of the Federal Reserve?". Archived from the original on July 27, 2020. Retrieved August 26, 2019.
- ^ "Philip N. Jefferson sworn in as Vice Chair of the Board of Governors of the Federal Reserve System". Federal Reserve. Retrieved September 13, 2023.
- ^ "Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System". Federal Reserve. Retrieved July 19, 2022.
- ^ "The Fed - Board Members". Board of Governors of the Federal Reserve System. February 21, 2018. Retrieved June 1, 2018.
- ^ "The Structure of the Federal Reserve System". Federalreserve.gov. Retrieved April 24, 2015.
- ^ Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved January 16, 2009.
- ^ a b see 12 U.S.C. § 244
- ^ a b "Chair of the Federal Reserve Board". www.stlouisfed.org. February 12, 2019. Retrieved June 12, 2018.
- ^ Reddy, Sudeep (January 11, 2010). "What If The Senate Doesn't Confirm Bernanke By Jan. 31?". The Wall Street Journal. Retrieved November 22, 2020.
- ^ see 12 U.S.C. § 247
- ^ see 12 U.S.C. § 247b
- ^ 12 U.S.C. § 244
- ^ "Salary Table No. 2021-EX Rates of Basic Pay for the Executive Schedule (EX)" (PDF).
- ^ a b "Vice Chairs". Membership of the Board of Governors of the Federal Reserve System, 1914–present. The Federal Reserve Board. September 17, 2018. Retrieved September 18, 2018.
Further reading
[edit]- "Executive Order 11110 - Amendment of Executive Order No. 10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury". The American Presidency Project. June 4, 1963 – via UCSB.edu.
- Andrews, Edmund L. (November 5, 2005). "All for a more open Fed". New Straits Times. p. 21.
- Beckhart, Benjamin Haggott. 1972. Federal Reserve System. [New York]: American Institute of Banking.
- Shull, Bernard. 2005. The fourth branch: the Federal Reserve's unlikely rise to power and influence. Westport, Conn.: Praeger.
External links
[edit]- Official website
- Nomination hearings, conducted in the Senate, for Chairs and Members of the Board of Governors of the Federal Reserve System
