The president and Senate have no say in picking presidents of the 12 regional Fed banks-they’re chosen by their private sector boards of directors, subject to the approval of the Fed Board of Governors in Washington. Biden subsequently nominated Michael Barr for that post. The president nominated Sarah Bloom Raskin to succeed Randal Quarles as vice chair for (bank) supervision and for the term as governor that expires in 2032, after Quarles resigned as a Fed governor at the end of December 2021. In May 2022, the Senate also confirmed Biden’s nominations of Lisa Cook for a term as governor that expires 2024 and Philip Jefferson for a term as governor that expires 2036. Biden nominated, and the Senate confirmed on April 26, 2022, sitting Fed governor Lael Brainard to succeed Richard Clarida for a four-year term as vice chair. Jerome Powell was confirmed for a second four-year term as chair on May 12, 2022. They must be confirmed by the Senate for those positions in a vote distinct from their confirmation as members of the Fed Board of Governors. Two more Fed bank presidents will hit mandatory retirement age in 2023 (Chicago and Kansas).īy law, the president nominates a Fed chair and the two vice chairs for four-year terms. Two of the 12 regional Federal Reserve banks named new presidents. President Biden nominated three new governors for the seven-member Federal Reserve Board in Washington.
The Federal Reserve underwent substantial turnover at the top in late 2021 and early 2022.
0 kommentar(er)
