Federal Reserve Board: Current and Historical Membership

Federal Reserve Board: Current and Historical Membership

Federal Reserve Board: Current and Historical Membership

Updated September 26, 2025 (R48233)
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Contents

Introduction

Structure and History

Current Membership

Jerome Powell

Philip Jefferson

Michelle Bowman

Michael Barr

Lisa Cook

Stephen Miran

Christopher Waller

Historical Membership

Appointments by President

Demographic Breakdown

Length of Service

Vacancies

Figures

Figure 1. Federal Reserve Board Members, 1913-2025

Figure 2. Timeline of Fed Board Vacancies, 1980-2025

Tables

Table 1. Fed Appointments, by President, 1936-2025

Table 2. Chairs of the Fed Board of Governors, 1936-2025

Table 3. Periods with No Fed Board Vacancies, 1980-2025

Summary

The Federal Reserve (Fed), the U.S. central bank, is led by a seven-member Board of Governors based in Washington, DC.

The President appoints governors for 14-year terms with the advice and consent of the Senate. Governors can be appointed to one full term. They often fill the remaining years of unexpired terms and may then be reappointed to a full term.

The board is led by a chair, who serves a four-year term separate from and concurrent with their term as a governor. The vice chair and vice chair for supervision also serve four-year terms. These appointments are subject to Senate approval.

The Board of Governors of the Federal Reserve System in its current form began operating in 1936. Its predecessor, a Federal Reserve Board, which was led by a governor (rather than a chair), began operating in 1914. That earlier iteration included the Secretary of the Treasury and Comptroller of the Currency as ex officio members in addition to members appointed by the President and confirmed by the Senate.

The current chair is Jerome Powell, whose term as chair ends in 2026. The current vice chair is Philip Jefferson, whose term as vice chair ends in 2027. The current vice chair for supervision is Michelle Bowman, whose term as vice chair for supervision ends in 2029. The other incumbent governors are Michael Barr, Lisa Cook, Stephen Miran, and Christopher Waller.

The "Historical Membership" section of this report contains a list and count of Fed appointments by President since 1936, a demographic breakdown for board members, calculations for lengths of service on the board and as chair, and calculations for periods since 1980 when the board has operated at full strength (no vacancies). It includes two graphics, a scatterplot visualizing the length of service for all board members since the Fed's creation, and a timeline showing vacancies at any given time since roughly 1980. The two graphics are interactive in the HTML version of this report.

For a broader overview of the Fed and its role, see CRS In Focus IF10054, Introduction to Financial Services: The Federal Reserve, by Marc Labonte.

Introduction

The Federal Reserve (Fed), the U.S. central bank, is led by a seven-member Board of Governors based in Washington, DC. This report provides a summary of the board's structure and history, information about its current members, and selected historical data about Fed governors.

For a broader overview of the Fed and its role, see CRS In Focus IF10054, Introduction to Financial Services: The Federal Reserve, by Marc Labonte.

Structure and History

The Fed's board is formally called the Board of Governors of the Federal Reserve System.

The President appoints governors for 14-year terms with the advice and consent of the Senate.¹ Most officials in advice and consent positions may be dismissed by the President at will, but some statutes provide that the President may remove an incumbent only for cause. The Fed's organic act provides that each governor "shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President."²

Governors can be appointed to one full term. They often fill the remaining years of unexpired terms and may then be reappointed to a full term. When a position has a fixed term of office, sometimes a position-specific provision allows an incumbent to "hold over" past the end of an expired term until a new appointee takes office. In the case of the Fed, the President may not appoint governors on an acting basis, but governors may continue to serve after their term expires until a new governor has been appointed to that position.

There are some statutory qualifications for the position. Under 12 U.S.C. §241, no more than one governor "shall be selected from any one Federal Reserve district,"³ and at least one governor must have "demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets." Governors should also represent the "financial, agricultural, industrial, and commercial interests, and geographic divisions of the country." There are no statutory requirements surrounding the political affiliation of governors.

The board is led by a chair, who serves a four-year term separate from and concurrent with their term as a governor. The two vice chairs also serve four-year terms. These appointments are subject to Senate approval.⁴

The Board of Governors in its current form began operating in February 1936.⁵ Previously, the leader of the Federal Reserve Board was called governor rather than chair, and the board consisted of five presidentially appointed members (six starting in 1922)⁶ plus two ex officio members: the Secretary of the Treasury and Comptroller of the Currency.⁷

Current Membership

Jerome Powell

Governor since May 25, 2012. Term ends January 31, 2028.

President Barack Obama appointed Powell as governor to unexpired term previously held by Frederic Mishkin (2006-2008). Senate confirmed May 17, 2012 (74-21).

President Obama reappointed Powell to full term as governor. Senate confirmed June 12, 2014 (67-24).

Chair since February 5, 2018. Term ends May 15, 2026.

President Donald Trump appointed Powell as chair to succeed Janet Yellen (2014-2018). Senate confirmed January 23, 2018 (84-13).

President Joe Biden reappointed Powell as chair. Senate confirmed May 12, 2022 (80-19).

Philip Jefferson

Governor since May 23, 2022. Term ends January 31, 2036.

President Biden appointed Jefferson to full term as governor to succeed Richard Clarida (2018-2022). Senate confirmed May 11, 2022 (91-7).

Vice chair since September 13, 2023. Term ends September 7, 2027.

President Biden appointed Jefferson as vice chair to succeed Lael Brainard (2022-2023). Senate confirmed September 6, 2023 (88-10).

Michelle Bowman

Governor since November 26, 2018. Term ends January 31, 2034.

President Trump appointed Bowman as governor to unexpired term previously held by Stanley Fischer (2014-2017). Senate confirmed November 15, 2018 (64-34).

President Trump reappointed Bowman to full term as governor. Senate confirmed September 12, 2019 (60-31).

Vice chair for supervision since June 9, 2025. Term ends June 9, 2029.

President Trump appointed Bowman as vice chair for supervision to succeed Michael Barr (2022-2025). Senate confirmed June 4, 2025 (48-46).

Michael Barr

Governor since July 19, 2022. Term ends January 31, 2032.

President Biden appointed Barr as governor to unexpired term previously held by Randal Quarles (2017-2021). Senate confirmed July 13, 2022 (66-28).

Vice chair for supervision from July 19, 2022, to February 28, 2025. Resigned; term was set to end on July 13, 2026.

President Biden appointed Barr as vice chair for supervision to succeed Quarles. Senate confirmed July 13, 2022 (66-28).

Lisa Cook

Governor since May 23, 2022. Term ends January 31, 2038.

President Biden appointed Cook as governor to unexpired term previously held by Janet Yellen (2010-2018). Senate confirmed May 10, 2022 (51-50).

President Biden reappointed Cook to full term as governor. Senate confirmed September 6, 2023 (51-47).

President Trump sent a letter to Cook on August 25, 2025, stating that she was removed from office "effective immediately."⁸ Cook filed a lawsuit on August 28, 2025, that challenged her purported removal.⁹ Cook remains in office for the time being as legal proceedings in the case continue.¹⁰ The Fed has said it "will abide by any court decision."¹¹

Stephen Miran

Governor since September 16, 2025. Term ends January 31, 2026.

President Trump appointed Miran as governor to unexpired term previously held by Adriana Kugler (2023-2025). Senate confirmed September 15, 2025 (48-47).

Christopher Waller

Governor since December 18, 2020. Term ends January 31, 2030.

President Trump appointed Waller as governor to unexpired term, succeeding Sarah Bloom Raskin (2010-2014). Senate confirmed December 3, 2020 (48-47).

Historical Membership

Information about the Fed board's historical membership is organized into four sections:

"Appointments by President" identifies governor appointments and reappointments since 1936 by the President who made the nomination (Table 1).

"Demographic Breakdown" provides summaries by race, ethnicity, and sex.

"Length of Service" provides information about how long Fed governors and chairs have remained in office, including an interactive scatterplot (Figure 1) showing all board members since the Federal Reserve Act's enactment in 1913 and a table (Table 2) for all chairs since the Fed's 1936 reorganization.

"Vacancies" describes empty seats on the Fed board since 1980, including a table showing when the board has been at full strength (Table 3) and an interactive timeline of vacancies (Figure 2).

Appointments by President

A complete list of board members since 1914 is available on the Fed's website.¹²

The number and names of people appointed as governors by each President since 1936 appear in Table 1. (A reappointment is an appointment of an incumbent governor who was initially appointed to serve a partial term by either the same or a different President, or the second appointment for a governor with noncontinuous service.)¹³

Table 1. Fed Appointments, by President, 1936-2025

Senate-confirmed nominations for Federal Reserve Governor

President

Appointments

Reappointments

Donald Trump

5

Michelle Bowman

Richard Clarida

Stephen Miran

Randal Quarles

Christopher Waller

1

Michelle Bowman

Joe Biden

4

Michael Barr

Lisa Cook

Philip Jefferson

Adriana Kugler

1

Lisa Cook

Barack Obama

6

Lael Brainard

Stanley Fischer

Jerome Powell

Sarah Bloom Raskin

Jeremy Stein

Daniel Tarullo

2

Jerome Powell

Janet Yellen

George W. Bush

8

Ben Bernanke

Susan Bies

Elizabeth Duke

Donald Kohn

Randall Kroszner

Frederic Mishkin

Mark Olson

Kevin Warsh

2

Ben Bernanke

Roger Ferguson Jr.

Bill Clinton

6

Alan Blinder

Roger Ferguson Jr.

Edward Gramlich

Laurence Meyer

Alice Rivlin

Janet Yellen

0

George H. W. Bush

3

Lawrence Lindsey

David Mullins Jr.

Susan Phillips

2

Alan Greenspan

Edward Kelley Jr.

Ronald Reagan

8

Wayne Angell

Alan Greenspan

H. Robert Heller

Manuel Johnson

Edward Kelley Jr.

John LaWare

Preston Martin

Martha Seger

0

Jimmy Carter

6

Lyle Gramley

G. William Miller

Emmett Rice

Frederick Schultz

Nancy Teeters

Paul Volcker

0

Gerald Ford

5

Philip Coldwell

Stephen Gardner

Philip Jackson Jr.

David Lilly

J. Charles Partee

0

Richard Nixon

5

Jeffrey Bucher

Arthur Burns

Robert Holland

John Sheehan

Henry Wallich

0

Lyndon Johnson

3

Andrew Brimmer

Sherman Maisel

William Sherrill

2

J. L. Robertson

William Sherrill

John F. Kennedy

2

J. Dewey Daane

George Mitchell

1

George Mitchell

Dwight Eisenhower

4

C. Canby Balderston

G. H. King Jr.

Paul Miller

Chas. Shepardson

3

G. H. King Jr.

William McChesney Martin Jr.

A. L. Mills Jr.

Harry Truman

8

Lawrence Clayton

William McChesney Martin Jr.

Thomas McCabe

A. L. Mills Jr.

Edward Norton

Oliver Powell

J. L. Robertson

James Vardaman Jr.

1

M. S. Szymczak

Franklin D. Roosevelt

9

Joseph Broderick

Chester Davis

Ernest Draper

Marriner Ecclesa

Rudolph Evans

John McKee

Ralph Morrison

Ronald Ransom

M. S. Szymczakb

4

Chester Davis

Marriner Eccles (twice)c

Ronald Ransom

Sources: CRS calculations based on information from the Board of Governors of the Federal Reserve System; Congress.gov; and University of California, Santa Barbara's American Presidency Project database.

Notes: Names are listed in alphabetical order by last name. Excludes nominations not confirmed by the Senate. Excludes separate presidential appointments as chair, vice chair, or vice chair for supervision.

a. Eccles initially joined the Federal Reserve Board in 1934 as a recess appointment, and the Senate confirmed him in 1935. President Roosevelt appointed him to the newly reorganized Board of Governors of the Federal Reserve System in 1936.

b. Szymczak initially joined the Federal Reserve Board in 1933. President Roosevelt appointed him to the newly reorganized Board of Governors of the Federal Reserve System in 1936.

c. President Roosevelt reappointed Eccles to the Board of Governors of the Federal Reserve System twice (in 1940 and 1944) due to staggered terms at the time of the 1936 reorganization.

Demographic Breakdown

Since 1914, 113 individuals have served on the Fed's Washington, DC-based board.¹⁴ Twelve have been women, five have been Black, and one has been Hispanic.¹⁵

Andrew Brimmer, the first Black governor, took office in 1966 and served until 1974. He was followed by Emmett Rice (1979-1986), Roger Ferguson Jr. (1997-2006), Lisa Cook (2022-present), and Philip Jefferson (2022-present).

The first woman on the board, Nancy Teeters, served as a governor from 1978 to 1984. She was followed by Martha Seger (1984-1991), Susan Phillips (1991-1998), Janet Yellen (1994-1997 and 2010-2018), Alice Rivlin (1996-1999), Susan Bies (2001-2007), Elizabeth Duke (2008-2013), Sarah Bloom Raskin (2010-2014), Lael Brainard (2014-2023), Michelle Bowman (2018-present), Cook (2022-present), and Adriana Kugler (2023-2025).

Kugler (2023-2025) was the first Hispanic governor.

Length of Service

The lengths of service for Fed governors are depicted in Figure 1, a scatterplot, organized chronologically according to when they joined the board. Governors are appointed to 14-year terms, but many are appointed to finish unexpired terms or resign before their terms have ended, and so tenures of individual governors vary widely.

Figure 1

. Federal Reserve Board Members, 1913-2025

Figure is interactive in the HTML version of this report.

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Dewey', '11/29/1963 - 3/08/1974', 'n/a', 'Richmond', '3,753 days'], [-120441600000, 3098, 'Brimmer, Andrew F.', '3/09/1966 - 8/31/1974', 'n/a', 'Philadelphia', '3,098 days'], [63331200000, 1245, 'Sheehan, John E.', '1/04/1972 - 6/01/1975', 'n/a', 'St. Louis', '1,245 days'], [76550400000, 1307, 'Bucher, Jeffrey M.', '6/05/1972 - 1/02/1976', 'n/a', 'San Francisco', '1,307 days'], [108604800000, 1070, 'Holland, Robert C.', '6/11/1973 - 5/15/1976', 'n/a', 'Kansas City', '1,070 days'], [202435200000, 634, 'Lilly, David M.', '6/01/1976 - 2/24/1978', 'n/a', 'Minneapolis', '634 days'], [174528000000, 1223, 'Jackson, Philip Jr.', '7/14/1975 - 11/17/1978', 'n/a', 'Atlanta', '1,223 days'], [193017600000, 1011, 'Gardner, Stephen S.', '2/13/1976 - 11/19/1978', 'n/a', 'Philadelphia', '1,011 days'], [152236800000, 1950, 'Coldwell, Philip E.', '10/29/1974 - 2/29/1980', 'n/a', 'Dallas', '1,950 days'], [301881600000, 931, 'Schultz, Frederick H.', '7/27/1979 - 2/11/1982', 'n/a', 'Atlanta', '931 days'], [274924800000, 2110, 'Teeters, Nancy H.', '9/18/1978 - 6/27/1984', 'n/a', 'Chicago', '2,110 days'], [328320000000, 1923, 'Gramley, Lyle E.', '5/28/1980 - 9/01/1985', 'n/a', 'Kansas City', '1,923 days'], [189648000000, 3687, 'Partee, J. Charles', '1/05/1976 - 2/07/1986', 'n/a', 'Richmond', '3,687 days'], [386380800000, 1492, 'Martin, Preston', '3/31/1982 - 4/30/1986', 'n/a', 'San Francisco', '1,492 days'], [131932800000, 4666, 'Wallich, Henry C.', '3/08/1974 - 12/15/1986', 'n/a', 'Boston', '4,666 days'], [298684800000, 2752, 'Rice, Emmett J.', '6/20/1979 - 12/31/1986', 'n/a', 'New York', '2,752 days'], [524793600000, 1078, 'Heller, H. Robert', '8/19/1986 - 7/31/1989', 'n/a', 'San Francisco', '1,078 days'], [508118400000, 1639, 'Johnson, Manuel H.', '2/07/1986 - 8/03/1990', 'n/a', 'Richmond', '1,639 days'], [457574400000, 2444, 'Seger, Martha R.', '7/02/1984 - 3/11/1991', 'n/a', 'Chicago', '2,444 days'], [508118400000, 2925, 'Angell, Wayne D.', '2/07/1986 - 2/09/1994', 'n/a', 'Kansas City', '2,925 days'], [643248000000, 1366, 'Mullins, David W., Jr.', '5/21/1990 - 2/14/1994', 'n/a', 'St. Louis', '1,366 days'], [587606400000, 2450, 'LaWare, John P.', '8/15/1988 - 4/30/1995', 'n/a', 'Boston', '2,450 days'], [772675200000, 584, 'Blinder, Alan S.', '6/27/1994 - 1/31/1996', 'n/a', 'Philadelphia', '584 days'], [691113600000, 1899, 'Lindsey, Lawrence B.', '11/26/1991 - 2/05/1997', 'n/a', 'Richmond', '1,899 days'], [691632000000, 2403, 'Phillips, Susan M.', '12/02/1991 - 6/30/1998', 'n/a', 'Chicago', '2,403 days'], [835660800000, 1117, 'Rivlin, Alice M.', '6/25/1996 - 7/16/1999', 'n/a', 'Philadelphia', '1,117 days'], [835574400000, 2048, 'Meyer, Laurence H.', '6/24/1996 - 1/31/2002', 'n/a', 'St. Louis', '2,048 days'], [878688000000, 2857, 'Gramlich, Edward M.', '11/05/1997 - 8/31/2005', 'n/a', 'Richmond', '2,857 days'], [1007683200000, 1667, 'Olson, Mark W.', '12/07/2001 - 6/30/2006', 'n/a', 'Minneapolis', '1,667 days'], [1007683200000, 1940, 'Bies, Susan S.', '12/07/2001 - 3/30/2007', 'n/a', 'Chicago', '1,940 days'], [1157414400000, 727, 'Mishkin, Frederic S.', '9/05/2006 - 8/31/2008', 'n/a', 'Boston', '727 days'], [1141171200000, 1058, 'Kroszner, Randall S.', '3/01/2006 - 1/21/2009', 'n/a', 'Richmond', '1,058 days'], [1028505600000, 2950, 'Kohn, Donald L.', '8/05/2002 - 9/01/2010', 'n/a', 'Kansas City', '2,950 days'], [1140739200000, 1864, 'Warsh, Kevin M.', '2/24/2006 - 4/02/2011', 'n/a', 'New York', '1,864 days'], [1217894400000, 1853, 'Duke, Elizabeth A.', '8/05/2008 - 8/31/2013', 'n/a', 'Philadelphia', '1,853 days'], [1286150400000, 1257, 'Raskin, Sarah Bloom', '10/04/2010 - 3/13/2014', 'n/a', 'Richmond', '1,257 days'], [1338336000000, 729, 'Stein, Jeremy C.', '5/30/2012 - 5/28/2014', 'n/a', 'Chicago', '729 days'], [1233100800000, 2990, 'Tarullo, Daniel K.', '1/28/2009 - 4/05/2017', 'n/a', 'Boston', '2,990 days'], [1401235200000, 1238, 'Fischer, Stanley', '5/28/2014 - 10/16/2017', 'n/a', 'New York', '1,238 days'], [1507852800000, 1535, 'Quarles, Randal K.', '10/13/2017 - 12/25/2021', 'n/a', 'Kansas City', '1,535 days'], [1537142400000, 1216, 'Clarida, Richard H.', '9/17/2018 - 1/14/2022', 'n/a', 'Boston', '1,216 days'], [1402876800000, 3170, 'Brainard, Lael', '6/16/2014 - 2/18/2023', 'n/a', 'Richmond', '3,170 days'], [-1057795200000, 1756, 'Davis, Chester C.', '6/25/1936 - 4/15/1941', 'Reappointed 1940.', 'Richmond', '1,756 days'], [-1070150400000, 4321, 'Ransom, Ronald', '2/03/1936 - 12/02/1947', 'Reappointed 1942.', 'Atlanta', '4,321 days'], [-563932800000, 4760, 'Mills, A.L., Jr.', '2/18/1952 - 2/28/1965', 'Reappointed 1958.', 'San Francisco', '4,760 days'], [-339984000000, 1639, 'King, G.H., Jr.', '3/25/1959 - 9/18/1963', 'Reappointed 1960.', 'Atlanta', '1,639 days'], [-263088000000, 5280, 'Mitchell, George W.', '8/31/1961 - 2/13/1976', 'Reappointed 1962.', 'Chicago', '5,280 days'], [-563932800000, 7743, 'Robertson, J.L.', '2/18/1952 - 4/30/1973', 'Reappointed 1964.', 'Kansas City', '7,743 days'], [-84326400000, 1660, 'Sherrill, William W.', '5/01/1967 - 11/15/1971', 'Reappointed 1968.', 'Dallas', '1,660 days'], [548985600000, 5334, 'Kelley, Edward W., Jr.', '5/26/1987 - 12/31/2001', 'Reappointed 1990.', 'Dallas', '5,334 days'], [878688000000, 3097, 'Ferguson, Roger Jr.', '11/05/1997 - 4/28/2006', 'Reappointed 2001.', 'Boston', '3,097 days'], [1028505600000, 1052, 'Bernanke, Ben S.', '8/05/2002 - 6/21/2005', 'See separate entry for 2006-2014 term.', 'Atlanta', '1,052 days'], [776649600000, 921, 'Yellen, Janet L.', '8/12/1994 - 2/17/1997', 'See separate entry for 2014-2018 term.', 'San Francisco', '921 days'], [-1748131200000, 1442, 'Delano, Frederic A.', '8/10/1914 - 7/21/1918', 'n/a', 'Chicago', '1,442 days'], [-1748131200000, 1461, 'Warburg, Paul M.', '8/10/1914 - 8/09/1918', 'n/a', 'New York', '1,461 days'], [-1615248000000, 507, 'Strauss, Albert', '10/26/1918 - 3/15/1920', 'n/a', 'New York', '507 days'], [-1582416000000, 274, 'Moehlenpah, Henry A.', '11/10/1919 - 8/09/1920', 'n/a', 'Chicago', '274 days'], [-1554422400000, 157, 'Wills, David C.', '9/29/1920 - 3/04/1921', 'n/a', 'Cleveland', '157 days'], [-1477008000000, 9, 'Campbell, Milo D.', '3/14/1923 - 3/22/1923', 'n/a', 'Chicago', '9 days'], [-1534982400000, 731, 'Mitchell, John R.', '5/12/1921 - 5/12/1923', 'n/a', 'Minneapolis', '731 days'], [-1471737600000, 2756, 'Cunningham, Edward H.', '5/14/1923 - 11/28/1930', 'n/a', 'Chicago', '2,756 days'], [-1218931200000, 618, 'Magee, Wayland W.', '5/18/1931 - 1/24/1933', 'n/a', 'Kansas City', '618 days'], [-1153440000000, 972, 'Thomas, J.J.', '6/14/1933 - 2/10/1936', 'n/a', 'Kansas City', '972 days'], [-1748131200000, 7848, 'Miller, Adolph C.', '8/10/1914 - 2/03/1936', 'Originally appointed from San Francisco district, reappointed 1924. Reappointed 1934 from Richmond district.', 'San Francisco; Richmond', '7,848 days'], [-1564185600000, 3751, 'Platt, Edmund', '6/08/1920 - 9/14/1930', 'Reappointed 1928.', 'New York', '3,751 days'], [-1471737600000, 4649, 'James, George R.', '5/14/1923 - 2/03/1936', 'Reappointed 1931.', 'St. Louis', '4,649 days'], [1694563200000, 696, 'Kugler, Adriana D.', '9/13/2023 - 8/8/2025', 'n/a', 'Richmond', '696 days'], ], keys: ['x', 'y', 'Name', 'service', 'notes', 'district', 'lengthOfServ'] }, { name: 'Governor (Incumbent)', showInLegend: true, color: 'rgba(200, 32, 47, 0.7)', marker: { symbol: 'circle', radius: 6, lineWidth: 1.5, lineColor: 'black', }, data: [ [1658188800000, 1156, 'Barr, Michael S.', '7/19/2022 - n/a', 'Incumbent', 'Chicago', '1,156 days (as of 9/16/2025)'], [1653264000000, 1295, 'Jefferson, Philip N.', '5/23/2022 - n/a', 'Incumbent', 'New York', '1,213 days (as of 9/16/2025)'], [1608249600000, 1734, 'Waller, Christopher J.', '12/18/2020 - n/a', 'Incumbent', 'Minneapolis', '1,734 days (as of 9/16/2025)'], [1543190400000, 2487, 'Bowman, Michelle W.', '11/26/2018 - n/a', 'Incumbent. Reappointed 2020.', 'St. Louis', '2,487 days (as of 9/16/2025)'], [1653264000000, 1213, 'Cook, Lisa D.', '5/23/2022 - n/a', 'Incumbent. Reappointed 2023.', 'Atlanta', '1,213 days (as of 9/16/2025)'], [1757980800000, 1, 'Miran, Stephen I.', '9/16/2025 - n/a', 'Incumbent', 'Richmond', '1 day (as of 9/16/2025)'], ], keys: ['x', 'y', 'Name', 'service', 'notes', 'district', 'lengthOfServ'] }, ] //#### END container ####// }; new Highcharts.Chart("IAG-1662347370", options); } } }); </script>

Source: CRS calculations based on service dates from the Board of Governors of the Federal Reserve System.

Notes: The interactive version of this graphic allows users to zoom in on specific stretches of time and access information on each individual's service by hovering over their dot. 1,000 days is roughly two years and nine months.

The Fed's board was reorganized in February 1936. Before then, the Secretary of the Treasury and Comptroller of the Currency served as ex officio members, the board's leader was known as the governor rather than the chair, and board members were known as members rather than governors. In this chart, all pre-February 1936 governors are designated as chairs for consistency, and pre-February 1936 members are combined with post-February 1936 governors in a governor/member category. Two individuals served on the board both before and after the reorganization: Marriner Eccles and M. S. Szymczak.

Ben Bernanke, Daniel Crissinger, and Janet Yellen are each represented by two dots due to breaks in service. Current incumbents are indicated by red borders around their dots. Length of service for incumbent members is calculated as of September 16, 2025. Two pairs of individuals (Charles Hamlin and Adolph Miller, Lisa Cook and Philip Jefferson) started on the same day and served the same length of time; their dots have been spaced slightly apart to avoid placing them in precisely the same position. In some cases, the length of service for chairs includes service as governors before or after they became chairs.

M. S. Szymczak, who served nearly 28 years (10,214 days, from June 14, 1933, to May 31, 1961), holds the record for longest service on the board. The shortest-serving member was Milo Campbell, who died on March 22, 1923—his ninth day in office.

Among members serving after the board's reorganization in February 1936,¹⁶ the average (mean) length of service has been 6.9 years (2,504 days), and the median length of service has been 5.3 years (1,923 days).

Table 2 shows length of service for chairs and which Presidents appointed them. William McChesney Martin Jr. had the longest service at 18.8 years (6,880 days). G. William Miller had the shortest service at 1.4 years (517 days). As of September 16, 2025, incumbent Chair Powell had served in the role for 7.6 years (2,781 days). The median service for chairs is eight years (2,922 days), or two full terms.

Table 2. Chairs of the Fed Board of Governors, 1936-2025

Name

Start Date as Chair

End Date as Chair

Length of Service as Chair

Appointing/ Reappointing President(s)

Marriner Eccles

11/15/1934

01/31/1948

4,826 daysa

Franklin D. Roosevelt

Thomas McCabe

04/15/1948

03/31/1951

1,081 days

Harry Truman

William McChesney Martin Jr.

04/02/1951

01/31/1970

6,880 days

Harry Truman,
Dwight Eisenhower, John F. Kennedy, Lyndon B. Johnson

Arthur Burns

02/01/1970

01/31/1978

2,922 daysb

Richard Nixon

G. William Miller

03/08/1978

08/06/1979

517 days

Jimmy Carter

Paul Volcker

08/06/1979

08/11/1987

2,928 days

Jimmy Carter,
Ronald Reagan

Alan Greenspan

08/11/1987

01/31/2006

6,749 daysc

Ronald Reagan,
George H. W. Bush, Bill Clinton,
George W. Bush

Ben Bernanke

02/01/2006

01/31/2014

2,922 days

George W. Bush, Barack Obama

Janet Yellen

02/03/2014

02/03/2018

1,462 days

Barack Obama

Jerome Powell

02/05/2018

(ongoing)d

Donald Trump,
Joe Biden

Sources: Board of Governors of the Federal Reserve System; Federal Reserve Bank of St. Louis's FRASER database; CRS calculations; and CRS Insight IN10796, Federal Reserve: Background and Reappointment of Previous Chairs, by Marc Labonte and Jennifer Teefy.

Notes: Vacancies occurred in 1948, 1951, 1978, 1996, 2014, 2018, and 2022. In 1948 and 1978, the outgoing chair remained pending confirmation of a new chair. In 1996 and 2022, the sitting chair remained pending confirmation for a new term. In 1951, 2014, and 2018, the vacancies lasted one to two days over a weekend.

a. Includes 443 days as governor (1934-1936). Excludes 72 days as chairman pro tempore (February 3 to April 15, 1948) after term ended.

b. Excludes 35 days as pro tempore chairman (February 1 to March 7, 1978) after term ended.

c. Includes 110 days as pro tempore chairman (March 3 to June 20, 1996) awaiting confirmation for a new term.

d. Includes 107 days as chair pro tempore (February 5 to May 22, 2022) awaiting confirmation for a new term.

Vacancies

Table 3 shows all periods since 1980 when all seven seats have been filled.

Table 3. Periods with No Fed Board Vacancies, 1980-2025

Start Date

End Date

Length

08/06/1979

02/29/1980

208 days

05/28/1980

02/11/1982

625 days

03/31/1982

06/27/1984

820 days

07/02/1984

09/01/1985

427 days

02/07/1986

04/30/1986

83 days

08/19/1986

12/15/1986

119 days

08/15/1988

07/31/1989

351 days

05/21/1990

08/03/1990

75 days

12/02/1991

02/09/1994

801 days

08/12/1994

04/30/1995

262 days

06/25/1996

02/05/1997

226 days

11/05/1997

06/30/1998

238 days

12/07/2001

12/31/2001

25 days

08/05/2002

06/21/2005

1,052 days

03/01/2006

04/28/2006

59 days

05/30/2012

08/31/2013

459 days

07/19/2022

02/18/2023

215 days

09/13/2023

08/08/2025

696 days

09/16/2025

(ongoing)

Source: CRS calculations.

Notes: Succession for each seat determined using nomination information from Congress.gov and the University of California, Santa Barbara's American Presidency Project database. Vacancy periods for each seat imputed from service dates provided by the Board of Governors of the Federal Reserve System.

Figure 2, a timeline, shows the number of vacancies at any given time during the 46-year period between August 6, 1979 and September 16, 2025. It shows the board experienced as many as four simultaneous vacancies during this period, which left as few as three governors in place.

The number of vacancies has varied over time for several reasons, including the frequency of resignations; the length of time taken for the President to appoint and the Senate to confirm nominees; and political dynamics among the President, the Senate majority party, and the Senate minority party.

Figure 2

. Timeline of Fed Board Vacancies, 1980-2025

Figure is interactive in the HTML version of this report.

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BUSH', style: { color: '#6A8FA1' } },}, { from: 1232323200000, to: 1484784000000,color: 'rgba(180, 199, 208, .6)', label: {text: 'OBAMA', style: { color: '#6A8FA1' } },}, { from: 1484784000000, to: 1611014400000,color: 'rgba(180, 199, 208, .3)', label: {text: 'TRUMP', style: { color: '#6A8FA1' } },}, { from: 1611014400000, to: 1737244800000,color: 'rgba(180, 199, 208, .6)', label: {text: 'BIDEN', style: { color: '#6A8FA1' },crop:false,overflow:'none',allowOverlap: true },}, { from: 1737244800000, to: 1758412800000,color: 'rgba(180, 199, 208, .3)', }, //UPDATE end yr. Plotline for Trump label ] } ], yAxis:{ title: {text: 'Number of Vacancies',rotation:-89.9}, min:0,max:5,tickInterval:1, gridLineColor: 'rgb(106, 143, 161,0.5)' //rgb for #6A8FA1 }, legend: {enabled: false }, plotOptions: { series: { animation: false } }, tooltip: { useHTML: true, formatter: function() { var startDate = Highcharts.dateFormat('%m/%d/%Y', this.point.start); var endDate = Highcharts.dateFormat('%m/%d/%Y', this.point.end); return '

' + this.point.count + '
' + Highcharts.numberFormat(this.point.z,0) + ' days
'+ startDate + ' - ' + endDate '

'; } }, series: [ { //for visual and hover name: 'Variwide', type: 'variwide', xAxis:0, color: 'rgba(184, 124, 111, 1)',borderColor:'rgba(184, 124, 111, 1)', // color:'#971B24',opacity:0.65, borderRadius:0,borderWidth: 0.1,groupPadding:0, pointPadding: 0, states: { //hex pulled from static (color when on top of blue, multiplied) hover: { color: '#894840' } }, data: [ //updated thru 9/16/2025, on 9/22/2025 //name, y, x {name: 302745600000, count: '0 vacancies', y: 0, z: 208, start: 302745600000, end: 320630400000}, {name: 320716800000, count: '1 vacancy', y: 1, z: 88, start: 320716800000, end: 328233600000}, {name: 328320000000, count: '0 vacancies', y: 0, z: 625, start: 328320000000, end: 382233600000}, {name: 382320000000, count: '1 vacancy', y: 1, z: 47, start: 382320000000, end: 386294400000}, {name: 386380800000, count: '0 vacancies', y: 0, z: 820, start: 386380800000, end: 457142400000}, {name: 457228800000, count: '1 vacancy', y: 1, z: 4, start: 457228800000, end: 457488000000}, {name: 457574400000, count: '0 vacancies', y: 0, z: 427, start: 457574400000, end: 494380800000}, {name: 494467200000, count: '1 vacancy', y: 1, z: 158, start: 494467200000, end: 508032000000}, {name: 508118400000, count: '0 vacancies', y: 0, z: 83, start: 508118400000, end: 515203200000}, {name: 515289600000, count: '1 vacancy', y: 1, z: 110, start: 515289600000, end: 524707200000}, {name: 524793600000, count: '0 vacancies', y: 0, z: 119, start: 524793600000, end: 534988800000}, {name: 535075200000, count: '1 vacancy', y: 1, z: 16, start: 535075200000, end: 536371200000}, {name: 536457600000, count: '2 vacancies', y: 2, z: 145, start: 536457600000, end: 548899200000}, {name: 548985600000, count: '1 vacancy', y: 1, z: 447, start: 548985600000, end: 587520000000}, {name: 587606400000, count: '0 vacancies', y: 0, z: 351, start: 587606400000, end: 617846400000}, {name: 617932800000, count: '1 vacancy', y: 1, z: 293, start: 617932800000, end: 643161600000}, {name: 643248000000, count: '0 vacancies', y: 0, z: 75, start: 643248000000, end: 649641600000}, {name: 649728000000, count: '1 vacancy', y: 1, z: 220, start: 649728000000, end: 668649600000}, {name: 668736000000, count: '2 vacancies', y: 2, z: 259, start: 668736000000, end: 691027200000}, {name: 691113600000, count: '1 vacancy', y: 1, z: 6, start: 691113600000, end: 691545600000}, {name: 691632000000, count: '0 vacancies', y: 0, z: 801, start: 691632000000, end: 760752000000}, {name: 760838400000, count: '1 vacancy', y: 1, z: 5, start: 760838400000, end: 761184000000}, {name: 761270400000, count: '2 vacancies', y: 2, z: 132, start: 761270400000, end: 772588800000}, {name: 772675200000, count: '1 vacancy', y: 1, z: 46, start: 772675200000, end: 776563200000}, {name: 776649600000, count: '0 vacancies', y: 0, z: 262, start: 776649600000, end: 799200000000}, {name: 799286400000, count: '1 vacancy', y: 1, z: 276, start: 799286400000, end: 823046400000}, {name: 823132800000, count: '2 vacancies', y: 2, z: 144, start: 823132800000, end: 835488000000}, {name: 835574400000, count: '1 vacancy', y: 1, z: 1, start: 835574400000, end: 835574400000}, {name: 835660800000, count: '0 vacancies', y: 0, z: 226, start: 835660800000, end: 855100800000}, {name: 855187200000, count: '1 vacancy', y: 1, z: 12, start: 855187200000, end: 856137600000}, {name: 856224000000, count: '2 vacancies', y: 2, z: 260, start: 856224000000, end: 878601600000}, {name: 878688000000, count: '0 vacancies', y: 0, z: 238, start: 878688000000, end: 899164800000}, {name: 899251200000, count: '1 vacancy', y: 1, z: 381, start: 899251200000, end: 932083200000}, {name: 932169600000, count: '2 vacancies', y: 2, z: 874, start: 932169600000, end: 1007596800000}, {name: 1007683200000, count: '0 vacancies', y: 0, z: 25, start: 1007683200000, end: 1009756800000}, {name: 1009843200000, count: '1 vacancy', y: 1, z: 31, start: 1009843200000, end: 1012435200000}, {name: 1012521600000, count: '2 vacancies', y: 2, z: 185, start: 1012521600000, end: 1028419200000}, {name: 1028505600000, count: '0 vacancies', y: 0, z: 1052, start: 1028505600000, end: 1119312000000}, {name: 1119398400000, count: '1 vacancy', y: 1, z: 71, start: 1119398400000, end: 1125446400000}, {name: 1125532800000, count: '2 vacancies', y: 2, z: 176, start: 1125532800000, end: 1140652800000}, {name: 1140739200000, count: '1 vacancy', y: 1, z: 5, start: 1140739200000, end: 1141084800000}, {name: 1141171200000, count: '0 vacancies', y: 0, z: 59, start: 1141171200000, end: 1146182400000}, {name: 1146268800000, count: '1 vacancy', y: 1, z: 63, start: 1146268800000, end: 1151625600000}, {name: 1151712000000, count: '2 vacancies', y: 2, z: 66, start: 1151712000000, end: 1157328000000}, {name: 1157414400000, count: '1 vacancy', y: 1, z: 207, start: 1157414400000, end: 1175212800000}, {name: 1175299200000, count: '2 vacancies', y: 2, z: 493, start: 1175299200000, end: 1217808000000}, {name: 1217894400000, count: '1 vacancy', y: 1, z: 27, start: 1217894400000, end: 1220140800000}, {name: 1220227200000, count: '2 vacancies', y: 2, z: 143, start: 1220227200000, end: 1232496000000}, {name: 1232582400000, count: '3 vacancies', y: 3, z: 6, start: 1232582400000, end: 1233014400000}, {name: 1233100800000, count: '2 vacancies', y: 2, z: 582, start: 1233100800000, end: 1283299200000}, {name: 1283385600000, count: '3 vacancies', y: 3, z: 32, start: 1283385600000, end: 1286064000000}, {name: 1286150400000, count: '1 vacancy', y: 1, z: 181, start: 1286150400000, end: 1301702400000}, {name: 1301788800000, count: '2 vacancies', y: 2, z: 418, start: 1301788800000, end: 1337817600000}, {name: 1337904000000, count: '1 vacancy', y: 1, z: 5, start: 1337904000000, end: 1338249600000}, {name: 1338336000000, count: '0 vacancies', y: 0, z: 459, start: 1338336000000, end: 1377907200000}, {name: 1377993600000, count: '1 vacancy', y: 1, z: 153, start: 1377993600000, end: 1391126400000}, {name: 1391212800000, count: '2 vacancies', y: 2, z: 41, start: 1391212800000, end: 1394668800000}, {name: 1394755200000, count: '3 vacancies', y: 3, z: 75, start: 1394755200000, end: 1401148800000}, {name: 1401235200000, count: '2 vacancies', y: 2, z: 1, start: 1401235200000, end: 1401235200000}, {name: 1401321600000, count: '3 vacancies', y: 3, z: 18, start: 1401321600000, end: 1402790400000}, {name: 1402876800000, count: '2 vacancies', y: 2, z: 1025, start: 1402876800000, end: 1491350400000}, {name: 1491436800000, count: '3 vacancies', y: 3, z: 190, start: 1491436800000, end: 1507766400000}, {name: 1507852800000, count: '2 vacancies', y: 2, z: 4, start: 1507852800000, end: 1508112000000}, {name: 1508198400000, count: '3 vacancies', y: 3, z: 110, start: 1508198400000, end: 1517616000000}, {name: 1517702400000, count: '4 vacancies', y: 4, z: 225, start: 1517702400000, end: 1537056000000}, {name: 1537142400000, count: '3 vacancies', y: 3, z: 70, start: 1537142400000, end: 1543104000000}, {name: 1543190400000, count: '2 vacancies', y: 2, z: 753, start: 1543190400000, end: 1608163200000}, {name: 1608249600000, count: '1 vacancy', y: 1, z: 373, start: 1608249600000, end: 1640390400000}, {name: 1640476800000, count: '2 vacancies', y: 2, z: 20, start: 1640476800000, end: 1642118400000}, {name: 1642204800000, count: '3 vacancies', y: 3, z: 128, start: 1642204800000, end: 1653177600000}, {name: 1653264000000, count: '1 vacancy', y: 1, z: 57, start: 1653264000000, end: 1658102400000}, {name: 1658188800000, count: '0 vacancies', y: 0, z: 215, start: 1658188800000, end: 1676678400000}, {name: 1676764800000, count: '1 vacancy', y: 1, z: 206, start: 1676764800000, end: 1694476800000}, {name: 1694563200000, count: '0 vacancies', y: 0, z: 696, start: 1694563200000, end: 1754611200000}, {name: 1754697600000, count: '1 vacancy', y: 1, z: 38, start: 1754697600000, end: 1757894400000}, {name: 1757980800000, count: '0 vacancies', y: 0, z: 6, start: 1757980800000, end: 1758412800000}, //to update: update end date of no vacancy. Add new row for new vacancy ], }, { //For axis only. name: 'Step', xAxis:1, color:'#971B24',opacity:0.65, borderRadius:0,borderWidth: 0,groupPadding:0, pointPadding: 0, data:[] } ], //#### END container ####// }; new Highcharts.Chart("IAG-1817297202", options); } } });</script>

Source: CRS calculations based on service dates from the Board of Governors of the Federal Reserve System and succession information derived from nominations in Congress.gov and the American Presidency Project database.

Notes: Timeline begins on August 6, 1979, and ends on September 16, 2025.

Figure 1 was prepared by Brion A. Long, Visual Information Specialist. Figure 2 was prepared by Amber Wilhelm, Visual Information Specialist.

Footnotes

1.

12 U.S.C. §241.

2.

12 U.S.C. §242.

3.

The 12 districts each contain a city that is home to a Federal Reserve bank: Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco, and St. Louis. Those banks are led by presidents who participate in monetary policy decisions through the Federal Open Market Committee (FOMC). For more information, see CRS In Focus IF11751, Introduction to U.S. Economy: Monetary Policy, by Marc Labonte.

4.

Presidential designation as chair or vice chair did not require Senate confirmation prior to the Federal Reserve Reform Act of 1977, 91 Stat. 1387. Congress established the vice chair for supervision as a Senate-confirmed position in the Dodd-Frank Wall Street Reform and Consumer Protection Act, 124 Stat. 1376.

5.

Banking Act of 1935, 49 Stat. 684. The amendments to the Federal Reserve Act that changed the structure of the Fed are found in title II, 49 Stat. 703.

6.

An act to amend the Federal Reserve Act approved December 23, 1913, 42 Stat. 620.

7.

Federal Reserve Act of 1913, 38 Stat. 251.

8.

U.S. President (Trump), "Letter to Federal Reserve Governor Lisa Cook Notifying Her of Her Dismissal from Office," August 25, 2025, The American Presidency Project, https://www.presidency.ucsb.edu/documents/letter-federal-reserve-governor-lisa-cook-notifying-her-her-dismissal-from-office.

9.

Alison Knezevich, "Federal Reserve Gov. Lisa Cook Sues Trump To Block Firing," Law360, August 28, 2025, https://www.law360.com/articles/2381925.

10.

Lydia Wheeler and Nick Timiraos, "Appeals Court Rejects Trump Request to Remove Fed Governor Lisa Cook," The Wall Street Journal, September 15, 2025, https://www.wsj.com/economy/central-banking/appeals-court-rejects-trump-request-to-remove-fed-governor-lisa-cook-immediately-fc96f39b.

11.

Tobias Burns, "Fed Says It Will Abide By Court Ruling in Trump, Cook Dispute Over Firing," The Hill, August 26, 2025, https://thehill.com/homenews/5471635-fed-governor-trump-firing-challenge.

12.

Board of Governors of the Federal Reserve System, Board of Governors Members, 1914-Present, https://www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm.

13.

Two governors have had noncontinuous service since 1936: Janet Yellen (1994-1997 and 2010-2018) and Ben Bernanke (2002-2005 and 2006-2014).

14.

This count includes 13 people who served on the board before February 1936 due to their positions as Secretary of the Treasury or Comptroller of the Currency. One, Daniel Crissinger, held an ex officio seat as Comptroller of the Currency in 1921-1923 and then served on the board as a presidentially appointed member in 1923-1927. The other 12 sat on the board solely in ex officio roles.

15.

Identifications in this section are based on profiles on the Federal Reserve History website (https://www.federalreservehistory.org) and historical materials in the Federal Reserve Bank of St. Louis's FRASER database (https://fraser.stlouisfed.org) as well as speeches, interviews, press releases, and news articles.

16.

These calculations exclude current incumbents, treat periods of noncontinuous service as separate tenures, and include two members who continuously served on both the pre- and post-1936 boards (Marriner Eccles and M. S. Szymczak).