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.
Statutory changes to the Board's leadership structure occurred over time: one in 1922, major changes in 1935, and additional changes in 1977, 2010, and 2015. 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 members appointed by the President, 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 Act of June 3, 1922, increased the number of members appointed by the President from five to six.
Secretaries of the Treasury and Chair of the Federal Reserve Board
Governors and Active Executive Officers of the Federal Reserve Board
Chair and Active Executive Officers of the Board of Governors of the Federal Reserve System
Vice Governors of the Federal Reserve Board
Vice Chair 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
Secretaries of the Treasury and Chairs of the Federal Reserve Board, 1913-361
| Date of term | Appointee |
|---|---|
| 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
Governors and Active Executive Officers of the Federal Reserve Board 1914-361
| Date of term | Appointee |
|---|---|
| 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 made several changes in the nomenclature and the structure of the Board. The Banking Act of 1935 renamed the "Federal Reserve Board" as the "Board of Governors of the Federal Reserve System," the "governor" of the Board as the "chairman" and the "vice governor" as the "vice chairman" of the Board, and renamed "members" of the Board as "governors." The Banking Act of 1935 also made the following more structural changes:
- increased the number of members of the Board appointed by the President from six to seven
- 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
- 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 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
- provided that the "chairman of the Board, subject to its supervision, shall be its active executive officer"
The Federal Reserve Reform Act of 1977 required the President to designate one of the persons appointed as "Chairman of the Board," by and with the advice and consent of the Senate, and one as "Vice Chairman of the Board," by and with the consent of the Senate. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 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." A 2015 statute required that the President, in selecting members of the Board, "shall appoint at least one member with demonstrated primary experience working in or supervising community banks having less than $10 billion in total assets."
Chairs and Active Executive Officers of the Board of Governors of the Federal Reserve System 1936 - Present1
| Date of term | Appointee |
|---|---|
| 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 - Feb. 3, 2018 | Janet L. Yellen |
| Feb. 5, 2018 - | Jerome H. Powell |
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
Vice Chair of the Board of Governors of the Federal Reserve System 1936 - Present
| Date of term | Appointee |
|---|---|
| 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 - Oct. 16, 2017 | Stanley Fischer |
| Sept. 17, 2018 - Jan. 14, 2022 | Richard H. Clarida |
| May 23, 2022 - February 18, 2023 | Lael Brainard |
| Sept. 13, 2023 - | Philip N. Jefferson |
Vice Chair for Supervision of the Board of Governors of the Federal Reserve System 2017 - Present
| Date of term | Appointee |
|---|---|
| Oct. 13, 2017 - Oct. 13, 2021 | Randal K. Quarles |
| July 19, 2022 - | Michael S. Barr |
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. Resigned Feb. 3, 2018. |
| 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; Resigned Jan. 31, 2014. |
| 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 | Resigned Oct. 16, 2017. |
| Lael Brainard Richmond |
June 16, 2014 | Resigned Feb. 18, 2023. |
| Randal K. Quarles Kansas City |
Oct. 13, 2017 | Resigned Dec. 25, 2021. |
| Richard H. Clarida Boston |
Sept. 17, 2018 | Resigned Jan. 14, 2022. |
| Michelle W. Bowman St. Louis |
Nov. 26, 2018 | Reappointed Jan. 30, 2020. |
| Christopher J. Waller Minneapolis |
Dec. 18, 2020 | |
| Lisa D. Cook Atlanta |
May 23, 2022 | Reappointed Sept. 13, 2023. |
| Philip N. Jefferson New York |
May 23, 2022 | |
| Michael S. Barr Chicago |
July 19, 2022 | |
| Adriana D. Kugler Richmond |
Sept. 13, 2023 |
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