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Who has to leave the Federal Reserve next?
The leadership of the Federal Reserve has undergone substantial turnover in the past few years, both at the Board of Governors in Washington and at the 12 regional Fed banks.
By law, the president nominates a Fed chair and two vice chairs for four-year terms. They must be confirmed by the Senate for those positions in a vote distinct from their confirmation as members of the Fed Board of Governors.？Jerome Powell？was？confirmed for a second four-year term as chair？on May 12, 2022. Philip Jefferson was confirmed as vice chair on September 7, 2023. He succeeded Biden pick Lael Brainard, who left the Fed in early 2023 to head the White House National Economic Council. Michael Barr, another Biden nominee, was confirmed as vice chair for (bank) supervision on July 13, 2022, succeeding Trump pick Randal Quarles. Barr resigned as vice chair February 28, 2025, but remains a Fed governor. President Trump nominated Fed governor Michelle Bowman for the vice chair post, and she took office for a four-year term on June 9, 2025. Lisa Cook was confirmed by the Senate in May 2022 to fill an unexpired term, and then confirmed a second time in September 2023 for a term that expires in 2038. Adriana Kugler, confirmed in September 2023 for a term to expire in January 2026, announced in early August 2025 that she would step down early, giving President Trump a spot to fill on the board.
The president and Senate have no say in picking presidents of the 12 regional Fed banks―they’re chosen by their private sector boards of directors, subject to the approval of the Fed Board of Governors in Washington.
Two of the current members of the Fed Board of Governors were initially appointed by Donald Trump (Bowman and Waller). Powell was originally appointed to the Board by Barack Obama in 2012 and was first named chair by Donald Trump. Powell’s term as chair expires in May 2026, Philip Jefferson’s four-year term as vice chair expires in September 2027, and Michelle Bowman’s four-year term as vi
By law, the president nominates a Fed chair and two vice chairs for four-year terms. They must be confirmed by the Senate for those positions in a vote distinct from their confirmation as members of the Fed Board of Governors.？Jerome Powell？was？confirmed for a second four-year term as chair？on May 12, 2022. Philip Jefferson was confirmed as vice chair on September 7, 2023. He succeeded Biden pick Lael Brainard, who left the Fed in early 2023 to head the White House National Economic Council. Michael Barr, another Biden nominee, was confirmed as vice chair for (bank) supervision on July 13, 2022, succeeding Trump pick Randal Quarles. Barr resigned as vice chair February 28, 2025, but remains a Fed governor. President Trump nominated Fed governor Michelle Bowman for the vice chair post, and she took office for a four-year term on June 9, 2025. Lisa Cook was confirmed by the Senate in May 2022 to fill an unexpired term, and then confirmed a second time in September 2023 for a term that expires in 2038. Adriana Kugler, confirmed in September 2023 for a term to expire in January 2026, announced in early August 2025 that she would step down early, giving President Trump a spot to fill on the board.
The president and Senate have no say in picking presidents of the 12 regional Fed banks―they’re chosen by their private sector boards of directors, subject to the approval of the Fed Board of Governors in Washington.
Two of the current members of the Fed Board of Governors were initially appointed by Donald Trump (Bowman and Waller). Powell was originally appointed to the Board by Barack Obama in 2012 and was first named chair by Donald Trump. Powell’s term as chair expires in May 2026, Philip Jefferson’s four-year term as vice chair expires in September 2027, and Michelle Bowman’s four-year term as vi
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