Federal Reserve Board approves reappointment of Reserve Bank presidents and first vice presidents
OREANDA-NEWS. The Federal Reserve Board on Friday approved the reappointment of 10 Federal Reserve Bank presidents and 10 first vice presidents by their respective boards of directors. Each individual has been approved to serve a new five-year term beginning March 1, 2016. The recently named presidents of the Federal Reserve Banks of Minneapolis and Dallas, as well as the recently appointed first vice presidents of the Federal Reserve Banks of Philadelphia and Chicago, were approved for terms to February 28, 2021, at the time of their initial appointments.
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. Generally, presidents and first vice presidents who take office in intervening years are initially appointed for the remainder of the current term. Before the expiration of a president's term, the Class B and C directors of each Reserve Bank who are not affiliated with a supervised entity vote on whether to reappoint the president or first vice president to a new term.
"The leaders of the Reserve Banks have important jobs and are expected to perform at a high level," said Governor Jerome H. Powell, chairman of the Board's Committee on Reserve Bank Affairs. "The eligible Reserve Bank directors, with significant input from the Board of Governors, conduct a rigorous process to inform their reappointment decisions."
The reappointments by the boards of directors are based on performance assessments that include consideration of factors such as 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 areas and organization development, as well as contributions to System initiatives.
Class B and C directors are a diverse group representing a wide range of business and community interests that are affected by Federal Reserve policies. An understanding of how the presidents are viewed in their respective Districts, which may be complemented with additional outreach to constituent representatives, helps to inform the directors' performance reviews.
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. The Board had previously approved terms to 2021 for Federal Reserve Bank of Minneapolis president Neel T. Kashkari, Federal Reserve Bank of Dallas president Robert S. Kaplan, and for Ellen Bromagen as first vice president of the Federal Reserve Bank of Chicago, and James D. Narron as first vice president of the Federal Reserve Bank of Philadelphia.
Boston: Eric S. Rosengren, president, and Kenneth C. Montgomery, first vice president
New York: William C. Dudley, president, and Michael Strine, first vice president
Philadelphia: Patrick T. Harker, president, and James D. Narron, first vice president
(Mr. Narron's term begins on April 1, 2016.)
Cleveland: Loretta J. Mester, president, and Gregory L. Stefani, first vice president
Richmond: Jeffrey M. Lacker, president, and Mark L. Mullinix, first vice president
Atlanta: Dennis P. Lockhart, president, and Marie C. Gooding, first vice president
Chicago: Charles L. Evans, president, and Ellen Bromagen, first vice president
St. Louis: James B. Bullard, president, and David A. Sapenaro, first vice president
Minneapolis: Neel T. Kashkari, president, and James M. Lyon, first vice president
Kansas City: Esther L. George, president, and Kelly J. Dubbert, first vice president
Dallas: Robert S. Kaplan, president, and Helen E. Holcomb, first vice president
San Francisco: John C. Williams, president, and Mark A Gould, first vice president