On Thursday, December 3, Christopher Waller, executive vice president and research director at the Federal Reserve Bank of St. Louis, was confirmed by the Senate as a member of the Federal Reserve’s Board of Governors. The Board of Governors has seven members and, under the Federal Reserve Act, is responsible for the monetary policy of the United States and for overseeing the operation of the Federal Reserve System.
Board members are appointed by the president and confirmed by the Senate to 14-year nonrenewable terms. The terms are staggered so that one expires every other January 31. Members frequently leave the Board before their terms expire to return to their previous occupations or to accept other positions in the government. The following table shows the current Board members, when their terms will expire, and which president appointed them. Note that one seat on the Board is vacant. President Trump nominated Judy Shelton to fill this seat but it appears unlikely that she will be confirmed by the Senate before the change in administration takes place on January 20.
|Name||Year Term Ends||Appointed to the Board by|
|Jerome Powell, Chair||As Chair: 2022|
As Board member: 2028
|As Chair: President Trump|
As Board member: President Obama
|Richard Clarida, Vice Chair||As Vice Chair and as Board member: 2022||President Trump|
|Randal Quarles, Vice Chair for Supervision||As Vice Chair for Supervision: 2021; As Board member: 2032||President Trump|
|Michelle Bowman||2034||President Trump|
|Lael Brainard||2026||President Obama|
|Christopher Waller||2030||President Trump|
Information on the history and structure of the Board of Governors and on the backgrounds of current members can be found HERE on the Fed’s website. An announcement of Waller’s confirmation can be found HERE on the website of the St. Louis Fed. A news story discussing Waller’s confirmation and the likely outcome of Shelton’s nomination, as well as some of the politics involved with current Fed nominations can be found HERE (those with a subscription to the Wall Street Journal may also want to read the article HERE).