The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed. A member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the member is sworn into office.
The Chairman and the Vice Chairman of the Board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years. A member's term on the Board is not affected by his or her status as Chairman or Vice Chairman.
Board Member Assignments - Board Committees
Committee on Board Affairs
Chairman Powell, Chairman
Committee on Consumer and Community Affairs
Governor Brainard, Chair
Committee on Financial Stability
Governor Brainard, Chair
Vice Chairman for Supervision Quarles
Committee on Federal Reserve Bank Affairs
Governor Brainard, Chair
Committee on Supervision and Regulation
Vice Chairman for Supervision Quarles, Chairman
Governor Brainard
Subcommittee on Smaller Regional and Community Banking
Governor Brainard, Chair
Committee on Payments, Clearing, and Settlement
Governor Brainard, Chair
Vice Chairman for Supervision Quarles
Note: The Committee on Economic and Financial Monitoring and Research has been dissolved.