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.