Board of Governors Members, 1914-Present

The first Federal Reserve Board was officially sworn in on August 10, 1914. Over the years, the Board’s leadership structure has evolved and adapted in the System’s efforts to serve effectively the nation, the economy, and the American public.

Significant changes to the leadership structure occurred in 3 phases: one in 1933, another during the period from 1936-77, and again in 2010. For a complete list of all Board members from 1914 to present, see the table at the bottom of this page.

Leadership Structure: 1914-36

Initially, the Federal Reserve Board consisted of seven members:

  • The Secretary of the Treasury and the Comptroller of the Currency, who were members ex officio (members by virtue of their office).
  • The U.S. President appointed the other five members, by and with the advice and consent of the Senate.
  • Of the five appointed members, the President designated one as governor and one as vice governor. The governor of the Federal Reserve Board, subject to its supervision, was the active executive officer.

The Banking Act of 1933 increased the number of appointed members from five to six.

Secretaries of the Treasury and Chairmen of the Federal Reserve Board

Governors and Active Executive Officers of the Federal Reserve Board

Chairmen and Active Executive Officers of the Board of Governors of the Federal Reserve System

Vice Governors of the Federal Reserve Board

Vice Chairmen of the Board of Governors of the Federal Reserve System

Members of the Federal Reserve Board and Board of Governors of the Federal Reserve System

Date of term Secretaries of the Treasury
and Chairs of the Federal Reserve Board, 1913–361
Dec. 23, 1913 - Dec. 15, 1918  W.G. McAdoo
Dec. 16, 1918 - Feb. 1, 1920  Carter Glass
Feb. 2, 1920 - Mar. 3, 1921  David F. Houston
Mar. 4, 1921 - Feb. 12, 1932  Andrew W. Mellon
Feb. 12, 1932 - Mar. 4, 1933  Ogden L. Mills2
Mar. 4, 1933 - Dec. 31, 1933  William H. Woodin
Jan. 1, 1934 - Feb. 1, 1936  Henry Morgenthau, Jr.

1. The Secretary of the Treasury served as Chairman until the Banking Act of 1935, approved Aug. 23, 1935, which became effective on Feb. 1, 1936. Return to text

2. On February 12, 1932, Ogden L. Mills became ex-officio chairman of the Federal Reserve Board. (Annual Report, 1932, p.40). Return to text


Date of term Governors and Active Executive Officers
of the Federal Reserve Board 1914-361
Aug. 10, 1914 - Aug. 9, 1916 Charles S. Hamlin
Aug. 10, 1916 - Aug. 9, 1922 W.P.G. Harding
May 1, 1923 - Sept. 15, 1927 Daniel R. Crissinger
Oct. 4, 1927 - Aug. 31, 1930 Roy A. Young
Sept. 16, 1930 - May 10, 1933 Eugene Meyer
May 19, 1933 - Aug. 15, 1934 Eugene R. Black
Nov. 15, 1934 - Feb. 1, 19362 Marriner S. Eccles

1. The active executive officer of the Board was known as "Governor" until the passage of the Banking Act of 1935. Return to text

2. The members of the Board who went out of office on Feb. 1, 1936, were as follows: Marriner S. Eccles, J. J. Thomas, Charles S. Hamlin, Adolph C. Miller, George R. James, M. S. Szymczak (Annual Report, 1936, p. 44). Return to text

Vice Governors of the Federal Reserve Board, 1914-36

Date of term  Appointee
Aug. 10, 1914 - Aug. 9, 1916 Frederic A. Delano
Aug. 10, 1916 - Aug. 9, 1918  Paul M. Warburg
Oct. 26, 1918 - Mar. 15, 1920  Albert Strauss
July 23, 1920 - Sept. 14, 1930  Edmund Platt
Aug. 21, 1934 - Feb. 10, 1936  J.J. Thomas


Leadership Structure: 1936-Present

The Banking Act of 1935, approved August 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and increased the number of appointed members from six to seven. In addition, the act

  • 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
  • specified the term as Chair and Vice Chair of the Board should be four years
  • specified that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as ex officio members until February 1, 1936, but otherwise did not provide for ex officio members of the Board
  • made the title of "governor"-previously reserved for the active executive officer-the title for all members of the Board
  • designated the Chair as the Board’s active executive officer

The Federal Reserve Reform Act of 1977 required the President’s designation of the Chair and the Vice Chair to be confirmed by the Senate. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires the President to designate, subject to the approval of the Senate, a new vice chair for supervision, who will develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board and oversee the supervision and regulation of such firms. A 2015 statute requires the President to appoint at least one Board member with demonstrated primary experience working in or supervising community banks having less than $10 billion in total assets.

 

Date of term  Chairs and Active Executive Officers of the Board of Governors
of the Federal Reserve System 1936-20141
Feb. 1, 19362 - Jan. 31, 1948 Marriner S. Eccles
Apr. 15, 1948 - Mar. 31, 1951  Thomas B. McCabe
Apr. 2, 1951 - Jan. 31, 1970  Wm. McC. Martin, Jr
Feb. 1, 1970 - Jan. 31, 1978  Arthur F. Burns
Mar. 8, 1978 - Aug. 6, 1979  G. William Miller
Aug. 6, 1979 - Aug. 11, 1987  Paul A. Volcker
Aug. 11, 1987 - Jan. 31, 2006  Alan Greenspan
Feb. 1, 2006 - Jan. 31, 2014  Ben S. Bernanke
Feb. 3, 2014 -  Janet L. Yellen

1. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and created the position of Chairman and Vice Chairman. Previously, the Chairman was the Secretary of the Treasury. Return to text

2. Appointed as a member of the new Board (Annual Report, 1936, p. 44). Return to text

 

Date of term  Vice Chairmen of the Board of Governors
of the Federal Reserve System 1936 - Present
Aug. 6, 1936 - Dec. 2, 1947  Ronald Ransom
Mar. 11, 1955 - Feb. 28, 1966  C. Canby Balderston
Mar. 1, 1966 - Apr. 30, 1973  J.L. Robertson
May 1, 1973 - Feb. 13, 1976  George W. Mitchell
Feb. 13, 1976 - Nov. 19, 1978  Stephen S. Gardner
July 27, 1979 - Feb. 11, 1982  Frederick H. Schultz
Mar. 31, 1982 - Apr. 30, 1986  Preston Martin
Aug. 4, 1986 - Aug. 3, 1990  Manuel H. Johnson
July 24, 1991 - Feb. 14, 1994  David W. Mullins, Jr.
June 27, 1994 - Jan. 31, 1996  Alan S. Blinder
June 25, 1996 - July 16, 1999  Alice M. Rivlin
Oct. 5, 1999 - Apr. 28, 2006  Roger W. Ferguson, Jr.
June 23, 2006 - June 23, 2010 Donald L. Kohn 
Oct. 4, 2010 - Feb. 3, 2014  Janet L. Yellen
June 16, 2014 -  Stanley Fischer
 

Members of the Federal Reserve Board and Board of Governors of the Federal Reserve System1

Name and District Date of initial oath of office Other dates and information relating to membership
W.G. McAdoo
   Secretary of the Treasury
Dec. 23, 1913 Dec. 15, 1918
John Skelton Williams2
   Comptroller of the Currency
Feb. 2, 1914 Mar. 2, 1921
Charles S. Hamlin
   Boston
Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 1936.
Paul M. Warburg
   New York
Aug. 10, 1914 Term expired Aug. 9, 1918.
Frederic A. Delano
   Chicago
Aug. 10, 1914 Resigned July 21, 1918.
W.P.G. Harding
   Atlanta
Aug. 10, 1914 Term expired Aug. 9, 1922.
Adolph C. Miller
   San Francisco
Aug. 10, 1914 Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.
Albert Strauss
   New York
Oct. 26, 1918 Resigned Mar. 15, 1920.
Carter Glass
   Secretary of the Treasury
Dec. 16, 1918 Feb. 1, 1920
Henry A. Moehlenpah
   Chicago
Nov. 10, 1919 Term expired Aug. 9, 1920.
David F. Houston
   Secretary of the Treasury
Feb. 2, 1920 Mar. 3, 1921
Edmund Platt
   New York
June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930.
David C. Wills
   Cleveland
Sept. 29, 1920 Term expired Mar. 4, 1921.
Andrew W. Mellon
   Secretary of the Treasury
Mar. 4, 1921 Feb. 12, 1932
John R. Mitchell
   Minneapolis
May 12, 1921 Resigned May 12, 1923.
Milo D. Campbell
   Chicago
Mar. 14, 1923 Died Mar. 22, 1923.
Daniel R. Crissinger
   Comptroller of the Currency
Mar. 17, 1921 Apr. 30, 1923
Daniel R. Crissinger
   Cleveland
May 1, 1923 Resigned Sept. 15, 1927.
Henry M. Dawes
   Comptroller of the Currency
May 1, 1923 Dec. 17, 1924
George R. James
   St. Louis
May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936.
Edward H. Cunningham
   Chicago
May 14, 1923 Died Nov. 28, 1930.
Joseph W. McIntosh
   Comptroller of the Currency
Dec. 20, 1924 Nov. 20, 1928
Roy A. Young
   Minneapolis
Oct. 4, 1927 Resigned Aug. 31, 1930.
J.W. Pole
   Comptroller of the Currency
Nov. 21, 1928 Sept. 20, 1932
Eugene Meyer
   New York
Sept. 16, 1930 Resigned May 10, 1933.
Wayland W. Magee
   Kansas City
May 18, 1931 Term expired Jan. 24, 1933.
Ogden L. Mills
   Secretary of the Treasury
Feb. 12, 1932 Mar. 4, 1933
William H. Woodin
   Secretary of the Treasury
Mar. 4, 1933 Dec. 31, 1933
J.F.T. O'Connor
   Comptroller of the Currency
May 11, 1933 Feb. 1, 1936
Eugene R. Black
   Atlanta
May 19, 1933 Resigned Aug. 15, 1934.
M.S. Szymczak
   Chicago
June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961.
J.J. Thomas
   Kansas City
June 14, 1933 Served until Feb. 10, 1936.
Henry Morgenthau, Jr.
   Secretary of the Treasury
Jan. 1, 1934 Feb. 1, 1936
Marriner S. Eccles
   San Francisco
Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951.
Joseph A. Broderick
   New York
Feb. 3, 1936 Resigned Sept. 30, 1937.
John K. McKee
   Cleveland
Feb. 3, 1936 Served until Apr. 4, 1946.
Ronald Ransom
   Atlanta
Feb. 3, 1936 Reappointed in 1942. Died Dec. 2, 1947.
Ralph W. Morrison
   Dallas
Feb. 10, 1936 Resigned July 9, 1936.
Chester C. Davis
   Richmond
June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941.
Ernest G. Draper
   New York
Mar. 30, 1938 Served until Sept. 1, 1950.
Rudolph M. Evans
   Richmond
Mar. 14, 1942 Served until Aug. 13, 1954.
James K. Vardaman, Jr.
   St. Louis
Apr. 4, 1946 Resigned Nov. 30, 1958.
Lawrence Clayton
   Boston
Feb. 14, 1947 Died Dec. 4, 1949.
Thomas B. McCabe
   Philadelphia
Apr. 15, 1948 Resigned Mar. 31, 1951.
Edward L. Norton
   Atlanta
Sept. 1, 1950 Resigned Jan. 31, 1952.
Oliver S. Powell
   Minneapolis
Sept. 1, 1950 Resigned June 30, 1952.
Wm. McC. Martin, Jr.
   New York
Apr. 2, 1951 Reappointed in 1956. Term expired Jan. 31, 1970.
A.L. Mills, Jr.
   San Francisco
Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965.
J.L. Robertson
   Kansas City
Feb. 18, 1952 Reappointed in 1964. Resigned Apr. 30, 1973.
C. Canby Balderston
   Philadelphia
Aug. 12, 1954 Served through Feb. 28, 1966.
Paul E. Miller
   Minneapolis
Aug. 13, 1954 Died Oct. 21, 1954.
Chas. N. Shepardson
   Dallas
Mar. 17, 1955 Retired Apr. 30, 1967.
G.H. King, Jr.
   Atlanta
Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963.
George W. Mitchell
   Chicago
Aug. 31, 1961 Reappointed in 1962. Served until Feb. 13, 1976.
J. Dewey Daane
   Richmond
Nov. 29, 1963 Served until Mar. 8, 1974.
Sherman J. Maisel
   San Francisco
Apr. 30, 1965 Served through May 31, 1972.
Andrew F. Brimmer
   Philadelphia
Mar. 9, 1966 Resigned Aug. 31, 1974.
William W. Sherrill
   Dallas
May 1, 1967 Reappointed in 1968. Resigned Nov. 15, 1971.
Arthur F. Burns
   New York
Jan. 31, 1970 Term began Feb. 1, 1970. Resigned Mar. 31, 1978.
John E. Sheehan
   St. Louis
Jan. 4, 1972 Resigned June 1, 1975.
Jeffrey M. Bucher
   San Francisco
June 5, 1972 Resigned Jan. 2, 1976.
Robert C. Holland
   Kansas City
June 11, 1973 Resigned May 15, 1976.
Henry C. Wallich
   Boston
Mar. 8, 1974 Resigned Dec. 15, 1986.
Philip E. Coldwell
   Dallas
Oct. 29, 1974 Served through Feb. 29, 1980.
Philip C. Jackson, Jr.
   Atlanta
July 14, 1975 Resigned Nov. 17, 1978.
J. Charles Partee
    Richmond
Jan. 5, 1976 Served until Feb. 7, 1986.
Stephen S. Gardner
   Philadelphia
Feb. 13, 1976 Died Nov. 19, 1978.
David M. Lilly
   Minneapolis
June 1, 1976 Resigned Feb. 24, 1978.
G. William Miller
   San Francisco
Mar. 8, 1978 Resigned Aug. 6, 1979.
Nancy H. Teeters
   Chicago
Sept. 18, 1978 Served through June 27, 1984.
Emmett J. Rice
   New York
June 20, 1979 Resigned Dec. 31, 1986.
Frederick H. Schultz
   Atlanta
July 27, 1979 Served through Feb. 11, 1982.
Paul A. Volcker
   Philadelphia
Aug. 6, 1979 Resigned August 11, 1987.
Lyle E. Gramley
   Kansas City
May 28, 1980 Resigned Sept. 1, 1985.
Preston Martin
   San Francisco
Mar. 31, 1982 Resigned April 30, 1986.
Martha R. Seger
   Chicago
July 2, 1984 Resigned March 11, 1991.
Wayne D. Angell
   Kansas City
Feb. 7, 1986 Served through Feb. 9, 1994.
Manuel H. Johnson
   Richmond
Feb. 7, 1986 Resigned August 3, 1990.
H. Robert Heller
   San Francisco
Aug. 19, 1986 Resigned July 31, 1989.
Edward W. Kelley, Jr.
   Dallas
May 26, 1987 Reappointed in 1990; resigned Dec. 31, 2001.
Alan Greenspan
   New York
Aug. 11, 1987 Reappointed in 1992; term expired Jan. 31, 2006.
John P. LaWare
   Boston
Aug. 15, 1988 Resigned April 30, 1995.
David W. Mullins, Jr.
   St. Louis
May 21, 1990 Resigned Feb. 14, 1994.
Lawrence B. Lindsey
   Richmond
Nov. 26, 1991 Resigned Feb. 5, 1997.
Susan M. Phillips
   Chicago
Dec. 2, 1991 Served through June 30, 1998.
Alan S. Blinder
   Philadelphia
June 27, 1994 Term expired Jan. 31, 1996.
Janet L. Yellen
   San Francisco
Aug. 12, 1994 Resigned Feb. 17, 1997; reappointed Oct. 4, 2010.
Laurence H. Meyer
   St. Louis
June 24, 1996 Term expired Jan. 31, 2002.
Alice M. Rivlin
   Philadelphia
June 25, 1996 Resigned July 16, 1999.
Roger W. Ferguson, Jr.
   Boston
Nov. 5, 1997 Reappointed in 2001; resigned April 28, 2006
Edward M. Gramlich
   Richmond
Nov. 5, 1997 Resigned August 31, 2005.
Susan S. Bies
   Chicago
Dec. 7, 2001 Resigned March 30, 2007.
Mark W. Olson
   Minneapolis
Dec. 7, 2001 Resigned June 30, 2006.
Ben S. Bernanke
   Atlanta
Aug. 5, 2002 Resigned June 21, 2005; reappointed Feb. 1, 2006.
Donald L. Kohn
   Kansas City
Aug. 5, 2002 Resigned September 1, 2010.
Kevin M. Warsh
   New York
Feb. 24, 2006 Resigned April 2, 2011.
Randall S. Kroszner
   Richmond
Mar. 1, 2006 Resigned January 21, 2009.
Frederic S. Mishkin
   Boston
Sept. 5, 2006 Resigned August 31, 2008.
Elizabeth A. Duke
   Philadelphia
Aug. 5, 2008 Resigned August 31, 2013.
Daniel K. Tarullo
   Boston
Jan. 28, 2009 Resigned April 5, 2017.
Sarah Bloom Raskin
   Richmond
Oct. 4, 2010 Resigned March 13, 2014.
Jerome H. Powell
   Philadelphia
May 25, 2012 Reappointed June 16, 2014.
Jeremy C. Stein
   Chicago
May 30, 2012 Resigned May 28, 2014.
Stanley Fischer
   New York
May 28, 2014 Appointed Vice Chairman June 16, 2014
Lael Brainard
   Richmond
June 16, 2014  

1. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System. It also changed the title from Members to Governors. Section 203(a) provided that: "Hereafter the Federal Reserve Board shall be known as the 'Board of Governors of the Federal Reserve System,' and the governor and vice governor of the Federal Reserve Board shall be known as the 'chairman' and the 'vice chairman' respectively, of the Board of Governors of the Federal Reserve System." Return to text

2. The Comptroller of the Currency served as a member of the Federal Reserve Board until the implementation of the Banking Act of 1935 on Feb. 1, 1936. Return to text

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Last Update: June 22, 2017