Federal Reserve Board of Governors
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main leading body of the Federal Reserve System. It is in charge with overseeing the Federal Reserve Banks and with helping control the monetary policy of the United States. Governors are appointed by the president of the United States and confirmed by the Senate for a 14-year term.[1][2] It is headquartered in the Eccles Building in Washington, D.C.
Current members
The current members of the Board of Governors are as follows:[3]
| Portrait | Current governor | Party | Term start | Term expires |
|---|---|---|---|---|
| Jerome Powell (Chair) |
Republican | February 5, 2018 (as chair) May 23, 2022 (reappointment) |
May 15, 2026 (as chair) | |
| May 25, 2012 (as governor) June 16, 2014 (reappointment) |
January 31, 2028 (as governor) | |||
| Philip Jefferson (Vice Chair) |
Democratic | September 13, 2023 (as vice chair) | September 7, 2027 (as vice chair) | |
| May 23, 2022 (as governor) | January 31, 2036 (as governor) | |||
| Michelle Bowman (Vice Chair for Supervision) |
Republican | June 9, 2025 (as vice chair) | June 9, 2029 (as vice chair) | |
| November 26, 2018 (as governor) February 1, 2020 (reappointment) |
January 31, 2034 (as governor) | |||
| Christopher Waller | Republican | December 18, 2020 | January 31, 2030 | |
| Lisa Cook[a] | Democratic | May 23, 2022 February 1, 2024 (reappointment) |
January 31, 2038 | |
| Michael Barr | Democratic | July 19, 2022 | January 31, 2032 | |
| Stephen Miran | Republican | September 16, 2025 | January 31, 2026 |
- ↑ On August 25, 2025, President Donald Trump announced that he was removing Cook from the Federal Reserve Board of Governors, citing alleged misconduct. Federal law allows governors to be removed only “for cause,” a provision intended to protect the central bank’s independence. Cook disputed the allegations and filed suit in federal court, arguing that her dismissal was unlawful and politically motivated. As litigation proceeds, she remains legally considered an active governor,[4] pending a judicial ruling on whether the president had authority to remove her.
References
- ↑ See 12 U.S.C. § 241
- ↑ Federal Reserve (January 16, 2009). "Board of Governors FAQ". Federal Reserve. Archived from the original on January 17, 2009. Retrieved 2009-01-16.
- ↑ "Federal Reserve Board - Board Members". Board of Governors of the Federal Reserve System. Retrieved 2023-09-13.
- ↑ Smith, Colby; Casselman, Ben (29 August 2025). "How the Future of the Fed Came to Rest on Lisa Cook". The New York Times. Retrieved 5 September 2025.
Until a court rules otherwise, Ms. Cook is still an active governor at the Fed. The central bank stipulated as much in a rare statement related to the president's recent actions against the institution and its members.