Federal Reserve Board approves reappointment of Reserve Bank presidents and first vice presidents
(STL.News) The Federal Reserve Board on Thursday announced the approval of the reappointment of 12 Federal Reserve Bank presidents and 11 first vice presidents, as previously made by their respective boards of directors. Each individual has been approved to serve a new five-year term beginning March 1, 2021.
Under section 4 of the Federal Reserve Act, all Reserve Bank presidents and first vice presidents serve five-year terms that expire at the end of February in years ending in 1 or 6. Presidents and first vice presidents who take office in intervening years are initially appointed for the remainder of the current term. Class B and C Reserve Bank directors who are not affiliated with a supervised entity are eligible to vote on appointment and subsequent reappointment actions for presidents and first vice presidents.
“The leaders of our Reserve Banks play a vital role in supporting the economic health of communities across our country,” said Governor Lael Brainard, chair of the Board’s Committee on Reserve Bank Affairs. “Over the past year alone, this has been apparent in the many ways they have been engaged in the Federal Reserve’s responses to the COVID crisis and the national discussion on systemic inequities. Reflecting these important responsibilities, the eligible Reserve Bank directors, with significant input from the Board of Governors and key stakeholders, have conducted a rigorous process to inform their reappointment decisions.”
Reappointment decisions by Reserve Bank boards of directors, and subsequent approval by the Board of Governors of such actions, are informed by assessments of various relevant performance dimensions including the ability of their president to effectively lead the Reserve Bank, the president’s performance in achieving the Reserve Bank’s and Federal Reserve System’s objectives, and the president’s ability to effectively represent the Federal Reserve to the public. The performance appraisal of the first vice president considers strategic leadership of the Reserve Bank, with a focus on operational capacity and organizational strength, as well as contributions to System initiatives.
Class B and C directors represent a wide range of business and community interests that are affected by Federal Reserve policies. They are therefore well-positioned to assess the contributions and impacts of the Bank, its programs, and its leadership across the respective District.
In addition, each president’s performance is discussed annually by the chair and deputy chair of each Reserve Bank board and the Board of Governors’ Committee on Federal Reserve Bank Affairs, and the performance of each first vice president is discussed by that group and the Bank’s president.
A list of presidents and first vice presidents, by Federal Reserve District, follows:
- Boston: Eric S. Rosengren, president, and Kenneth C. Montgomery, first vice president
- New York: John C. Williams, president
- Philadelphia: Patrick T. Harker, president, and James D. Narron, first vice president
- Cleveland: Loretta J. Mester, president, and Gregory L. Stefani, first vice president
- Richmond: Thomas I. Barkin, president, and Becky C. Bareford, first vice president
- Atlanta: Raphael W. Bostic, president, and André T. Anderson, first vice president
- Chicago: Charles L. Evans, president, and Ellen J. Bromagen, first vice president
- St. Louis: James B. Bullard, president, and Kathleen O. Paese, first vice president
- Minneapolis: Neel T. Kashkari, president, and Ron J. Feldman, first vice president
- Kansas City: Esther L. George, president, and Kelly J. Dubbert, first vice president
- Dallas: Robert S. Kaplan, president, and Meredith N. Black, first vice president
- San Francisco: Mary C. Daly, president, and Mark A. Gould, first vice president