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Board of Governors of the Federal Reserve System
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Membership of the Board of Governors of the Federal Reserve System, 1914-Present






The Federal Reserve Board consisted of seven members, including the Secretary of the Treasury and the Comptroller of the Currency, who were members ex officio, meaning that they were members by virtue of their office. The President of the United States appointed the other five members, by and with the advice and consent of the Senate. Of the five appointed members, one was designated by the president as governor and one as vice governor. The governor of the Federal Reserve Board, subject to its supervision, was the active executive officer. The Banking Act of 1933 increased the number of appointed members from five to six.

The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be composed of seven appointive members. That act also specified that the appointive members in office on the date of the act should continue to serve until Feb. 1, 1936, or until their successors were appointed and had qualified; and that thereafter the terms of members should be fourteen years, and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. The Banking Act of 1935 also specified that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as ex officio members until Feb. 1, 1936, but otherwise did not provide for ex-officio members of the Board. It also made the title of "Governor," previously reserved for the active executive officer, the title for all members of the Board, and designated the Chairman as the Board's active executive officer. The Federal Reserve Reform Act of 1977 required the President's designation of the Chairman and the Vice Chairman to be by and with the advice and consent of the Senate.

Secretaries of the Treasury and
Chairmen of the Federal Reserve Board1
Date of term
W.G. McAdoo Leaving the Board Dec. 23, 1913 - Dec. 15, 1918
Carter Glass Leaving the Board Dec. 16, 1918 - Feb. 1, 1920
David F. Houston Leaving the Board Feb. 2, 1920 - Mar. 3, 1921
Andrew W. Mellon Leaving the Board Mar. 4, 1921 - Feb. 12, 1932
Ogden L. Mills2 Leaving the Board Feb. 12, 1932 - Mar. 4, 1933
William H. Woodin Leaving the Board Mar. 4, 1933 - Dec. 31, 1933
Henry Morgenthau, Jr. Leaving the Board Jan. 1, 1934 - Feb. 1, 1936

1. The Secretary of the Treasury served as Chairman until the Banking Act of 1935, approved Aug. 23, 1935, which became effective on Feb. 1, 1936. Return to text

2. On February 12, 1932, Ogden L. Mills became ex-officio chairman of the Federal Reserve Board. (Annual Report, 1932, p.40). Return to text



Governors and Active Executive Officers
of the Federal Reserve Board3
Date of term
Charles S. Hamlin Leaving the Board Aug. 10, 1914 - Aug. 9, 1916
W.P.G. Harding Leaving the Board Aug. 10, 1916 - Aug. 9, 1922
Daniel R. Crissinger Leaving the Board May 1, 1923 - Sept. 15, 1927
Roy A. Young Leaving the Board Oct. 4, 1927 - Aug. 31, 1930
Eugene Meyer Leaving the Board Sept. 16, 1930 - May 10, 1933
Eugene R. Black Leaving the Board May 19, 1933 - Aug. 15, 1934
Marriner S. Eccles Leaving the Board Nov. 15, 1934 - Feb. 1, 19364

3. The active executive officer of the Board was known as "Governor" until the passage of the Banking Act of 1935. Return to text

4. The members of the Board who went out of office on Feb. 1, 1936, were as follows: Marriner S. Eccles, J. J. Thomas, Charles S. Hamlin, Adolph C. Miller, George R. James, M. S. Szymczak (Annual Report, 1936, p. 44). Return to text



Chairmen and Active Executive Officers of the Board of Governors
of the Federal Reserve System5
Date of term
Marriner S. Eccles Leaving the Board Feb. 1, 19366 - Jan. 31, 1948
Thomas B. McCabe Leaving the Board Apr. 15, 1948 - Mar. 31, 1951
Wm. McC. Martin, Jr Leaving the Board Apr. 2, 1951 - Jan. 31, 1970
Arthur F. Burns Leaving the Board Feb. 1, 1970 - Jan. 31, 1978
G. William Miller Leaving the Board Mar. 8, 1978 - Aug. 6, 1979
Paul A. Volcker Leaving the Board Aug. 6, 1979 - Aug. 11, 1987
Alan Greenspan Leaving the Board Aug. 11, 1987 - Jan. 31, 2006
Ben S. Bernanke Leaving the Board Feb. 1, 2006 - Jan. 31, 2014
Janet L. Yellen Feb. 3, 2014 -

5. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and created the position of Chairman and Vice Chairman. Previously, the Chairman was the Secretary of the Treasury. Return to text

6. Appointed as a member of the new Board (Annual Report, 1936, p. 44). Return to text



Vice Governors of the Federal Reserve Board Date of term
Frederic A. Delano Leaving the Board Aug. 10, 1914 - Aug. 9, 1916
Paul M. Warburg Leaving the Board Aug. 10, 1916 - Aug. 9, 1918
Albert Strauss Leaving the Board Oct. 26, 1918 - Mar. 15, 1920
Edmund Platt Leaving the Board July 23, 1920 - Sept. 14, 1930
J.J. Thomas Leaving the Board Aug. 21, 1934 - Feb. 10, 1936


Vice Chairmen of the Board of Governors
of the Federal Reserve System
Date of term
Ronald Ransom Leaving the Board Aug. 6, 1936 - Dec. 2, 1947
C. Canby Balderston Leaving the Board Mar. 11, 1955 - Feb. 28, 1966
J.L. Robertson Leaving the Board Mar. 1, 1966 - Apr. 30, 1973
George W. Mitchell Leaving the Board May 1, 1973 - Feb. 13, 1976
Stephen S. Gardner Leaving the Board Feb. 13, 1976 - Nov. 19, 1978
Frederick H. Schultz Leaving the Board July 27, 1979 - Feb. 11, 1982
Preston Martin Leaving the Board Mar. 31, 1982 - Apr. 30, 1986
Manuel H. Johnson Leaving the Board Aug. 4, 1986 - Aug. 3, 1990
David W. Mullins, Jr. Leaving the Board July 24, 1991 - Feb. 14, 1994
Alan S. Blinder Leaving the Board June 27, 1994 - Jan. 31, 1996
Alice M. Rivlin Leaving the Board June 25, 1996 - July 16, 1999
Roger W. Ferguson, Jr. Leaving the Board Oct. 5, 1999 - Apr. 28, 2006
Donald L. Kohn Leaving the Board June 23, 2006 - June 23, 2010
Janet L. Yellen Oct. 4, 2010 - Feb. 3, 2014
Stanley Fischer June 16, 2014 -


Members of the Federal Reserve Board and Board of Governors of the Federal Reserve System7

Name and District Date of initial oath of office Other dates and information relating to membership
W.G. McAdoo Leaving the Board
   Secretary of the Treasury
Dec. 23, 1913 Dec. 15, 1918
John Skelton Williams8 Leaving the Board
   Comptroller of the Currency
Feb. 2, 1914 Mar. 2, 1921
Charles S. Hamlin Leaving the Board
   Boston
Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936.
Paul M. Warburg Leaving the Board
   New York
Aug. 10, 1914 Term expired Aug. 9, 1918.
Frederic A. Delano Leaving the Board
   Chicago
Aug. 10, 1914 Resigned July 21, 1918.
W.P.G. Harding Leaving the Board
   Atlanta
Aug. 10, 1914 Term expired Aug. 9, 1922.
Adolph C. Miller Leaving the Board
   San Francisco
Aug. 10, 1914 Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.
Albert Strauss Leaving the Board
   New York
Oct. 26, 1918 Resigned Mar. 15, 1920.
Carter Glass Leaving the Board
   Secretary of the Treasury
Dec. 16, 1918 Feb. 1, 1920
Henry A. Moehlenpah Leaving the Board
   Chicago
Nov. 10, 1919 Term expired Aug. 9, 1920.
David F. Houston Leaving the Board
   Secretary of the Treasury
Feb. 2, 1920 Mar. 3, 1921
Edmund Platt Leaving the Board
   New York
June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930.
David C. Wills Leaving the Board
   Cleveland
Sept. 29, 1920 Term expired Mar. 4, 1921.
Andrew W. Mellon Leaving the Board
   Secretary of the Treasury
Mar. 4, 1921 Feb. 12, 1932
John R. Mitchell Leaving the Board
   Minneapolis
May 12, 1921 Resigned May 12, 1923.
Milo D. Campbell Leaving the Board
   Chicago
Mar. 14, 1923 Died Mar. 22, 1923.
Daniel R. Crissinger Leaving the Board
   Comptroller of the Currency
Mar. 17, 1921 Apr. 30, 1923
Daniel R. Crissinger Leaving the Board
   Cleveland
May 1, 1923 Resigned Sept. 15, 1927.
Henry M. Dawes Leaving the Board
   Comptroller of the Currency
May 1, 1923 Dec. 17, 1924
George R. James Leaving the Board
   St. Louis
May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936.
Edward H. Cunningham Leaving the Board
   Chicago
May 14, 1923 Died Nov. 28, 1930.
Joseph W. McIntosh Leaving the Board
   Comptroller of the Currency
Dec. 20, 1924 Nov. 20, 1928
Roy A. Young Leaving the Board
   Minneapolis
Oct. 4, 1927 Resigned Aug. 31, 1930.
J.W. Pole Leaving the Board
   Comptroller of the Currency
Nov. 21, 1928 Sept. 20, 1932
Eugene Meyer Leaving the Board
   New York
Sept. 16, 1930 Resigned May 10, 1933.
Wayland W. Magee Leaving the Board
   Kansas City
May 18, 1931 Term expired Jan. 24, 1933.
Ogden L. MillsLeaving the Board
   Secretary of the Treasury
Feb. 12, 1932 Mar. 4, 1933
William H. Woodin Leaving the Board
   Secretary of the Treasury
Mar. 4, 1933 Dec. 31, 1933
J.F.T. O'Connor Leaving the Board
   Comptroller of the Currency
May 11, 1933 Feb. 1, 1936
Eugene R. Black Leaving the Board
   Atlanta
May 19, 1933 Resigned Aug. 15, 1934.
M.S. Szymczak Leaving the Board
   Chicago
June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961.
J.J. Thomas Leaving the Board
   Kansas City
June 14, 1933 Served until Feb. 10, 1936.
Henry Morgenthau, Jr. Leaving the Board
   Secretary of the Treasury
Jan. 1, 1934 Feb. 1, 1936
Marriner S. Eccles Leaving the Board
   San Francisco
Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951.
Joseph A. Broderick Leaving the Board
   New York
Feb. 3, 1936 Resigned Sept. 30, 1937.
John K. McKee Leaving the Board
   Cleveland
Feb. 3, 1936 Served until Apr. 4, 1946.
Ronald Ransom Leaving the Board
   Atlanta
Feb. 3, 1936 Reappointed in 1942. Died Dec. 2, 1947.
Ralph W. Morrison Leaving the Board
   Dallas
Feb. 10, 1936 Resigned July 9, 1936.
Chester C. Davis Leaving the Board
   Richmond
June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941.
Ernest G. Draper Leaving the Board
   New York
Mar. 30, 1938 Served until Sept. 1, 1950.
Rudolph M. Evans Leaving the Board
   Richmond
Mar. 14, 1942 Served until Aug. 13, 1954.
James K. Vardaman, Jr. Leaving the Board
   St. Louis
Apr. 4, 1946 Resigned Nov. 30, 1958.
Lawrence Clayton Leaving the Board
   Boston
Feb. 14, 1947 Died Dec. 4, 1949.
Thomas B. McCabe Leaving the Board
   Philadelphia
Apr. 15, 1948 Resigned Mar. 31, 1951.
Edward L. Norton Leaving the Board
   Atlanta
Sept. 1, 1950 Resigned Jan. 31, 1952.
Oliver S. Powell Leaving the Board
   Minneapolis
Sept. 1, 1950 Resigned June 30, 1952.
Wm. McC. Martin, Jr. Leaving the Board
   New York
Apr. 2, 1951 Reappointed in 1956. Term expired Jan. 31, 1970.
A.L. Mills, Jr. Leaving the Board
   San Francisco
Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965.
J.L. Robertson Leaving the Board
   Kansas City
Feb. 18, 1952 Reappointed in 1964. Resigned Apr. 30, 1973.
C. Canby Balderston Leaving the Board
   Philadelphia
Aug. 12, 1954 Served through Feb. 28, 1966.
Paul E. Miller Leaving the Board
   Minneapolis
Aug. 13, 1954 Died Oct. 21, 1954.
Chas. N. Shepardson Leaving the Board
   Dallas
Mar. 17, 1955 Retired Apr. 30, 1967.
G.H. King, Jr. Leaving the Board
   Atlanta
Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963.
George W. Mitchell Leaving the Board
   Chicago
Aug. 31, 1961 Reappointed in 1962. Served until Feb. 13, 1976.
J. Dewey Daane Leaving the Board
   Richmond
Nov. 29, 1963 Served until Mar. 8, 1974.
Sherman J. Maisel Leaving the Board
   San Francisco
Apr. 30, 1965 Served through May 31, 1972.
Andrew F. Brimmer Leaving the Board
   Philadelphia
Mar. 9, 1966 Resigned Aug. 31, 1974.
William W. Sherrill Leaving the Board
   Dallas
May 1, 1967 Reappointed in 1968. Resigned Nov. 15, 1971.
Arthur F. Burns Leaving the Board
   New York
Jan. 31, 1970 Term began Feb. 1, 1970. Resigned Mar. 31, 1978.
John E. Sheehan Leaving the Board
   St. Louis
Jan. 4, 1972 Resigned June 1, 1975.
Jeffrey M. Bucher Leaving the Board
   San Francisco
June 5, 1972 Resigned Jan. 2, 1976.
Robert C. Holland Leaving the Board
   Kansas City
June 11, 1973 Resigned May 15, 1976.
Henry C. Wallich Leaving the Board
   Boston
Mar. 8, 1974 Resigned Dec. 15, 1986.
Philip E. Coldwell Leaving the Board
   Dallas
Oct. 29, 1974 Served through Feb. 29, 1980.
Philip C. Jackson, Jr. Leaving the Board
   Atlanta
July 14, 1975 Resigned Nov. 17, 1978.
J. Charles Partee Leaving the Board
    Richmond
Jan. 5, 1976 Served until Feb. 7, 1986.
Stephen S. Gardner Leaving the Board
   Philadelphia
Feb. 13, 1976 Died Nov. 19, 1978.
David M. Lilly Leaving the Board
   Minneapolis
June 1, 1976 Resigned Feb. 24, 1978.
G. William Miller Leaving the Board
   San Francisco
Mar. 8, 1978 Resigned Aug. 6, 1979.
Nancy H. Teeters Leaving the Board
   Chicago
Sept. 18, 1978 Served through June 27, 1984.
Emmett J. Rice Leaving the Board
   New York
June 20, 1979 Resigned Dec. 31, 1986.
Frederick H. Schultz Leaving the Board
   Atlanta
July 27, 1979 Served through Feb. 11, 1982.
Paul A. Volcker Leaving the Board
   Philadelphia
Aug. 6, 1979 Resigned August 11, 1987.
Lyle E. Gramley Leaving the Board
   Kansas City
May 28, 1980 Resigned Sept. 1, 1985.
Preston Martin Leaving the Board
   San Francisco
Mar. 31, 1982 Resigned April 30, 1986.
Martha R. Seger Leaving the Board
   Chicago
July 2, 1984 Resigned March 11, 1991.
Wayne D. Angell Leaving the Board
   Kansas City
Feb. 7, 1986 Served through Feb. 9, 1994.
Manuel H. Johnson Leaving the Board
   Richmond
Feb. 7, 1986 Resigned August 3, 1990.
H. Robert Heller Leaving the Board
   San Francisco
Aug. 19, 1986 Resigned July 31, 1989.
Edward W. Kelley, Jr. Leaving the Board
   Dallas
May 26, 1987 Reappointed in 1990; resigned Dec. 31, 2001.
Alan Greenspan Leaving the Board
   New York
Aug. 11, 1987 Reappointed in 1992; term expired Jan. 31, 2006.
John P. LaWare Leaving the Board
   Boston
Aug. 15, 1988 Resigned April 30, 1995.
David W. Mullins, Jr. Leaving the Board
   St. Louis
May 21, 1990 Resigned Feb. 14, 1994.
Lawrence B. Lindsey Leaving the Board
   Richmond
Nov. 26, 1991 Resigned Feb. 5, 1997.
Susan M. Phillips Leaving the Board
   Chicago
Dec. 2, 1991 Served through June 30, 1998.
Alan S. Blinder Leaving the Board
   Philadelphia
June 27, 1994 Term expired Jan. 31, 1996.
Janet L. Yellen
   San Francisco
Aug. 12, 1994 Resigned Feb. 17, 1997; reappointed Oct. 4, 2010.
Laurence H. Meyer Leaving the Board
   St. Louis
June 24, 1996 Term expired Jan. 31, 2002.
Alice M. Rivlin Leaving the Board
   Philadelphia
June 25, 1996 Resigned July 16, 1999.
Roger W. Ferguson, Jr. Leaving the Board
   Boston
Nov. 5, 1997 Reappointed in 2001; resigned April 28, 2006
Edward M. Gramlich Leaving the Board
   Richmond
Nov. 5, 1997 Resigned August 31, 2005.
Susan S. Bies Leaving the Board
   Chicago
Dec. 7, 2001 Resigned March 30, 2007.
Mark W. Olson Leaving the Board
   Minneapolis
Dec. 7, 2001 Resigned June 30, 2006.
Ben S. Bernanke Leaving the Board
   Atlanta
Aug. 5, 2002 Resigned June 21, 2005; reappointed Feb. 1, 2006.
Donald L. Kohn Leaving the Board
   Kansas City
Aug. 5, 2002 Resigned September 1, 2010.
Kevin M. Warsh Leaving the Board
   New York
Feb. 24, 2006 Resigned April 2, 2011.
Randall S. Kroszner Leaving the Board
   Richmond
Mar. 1, 2006 Resigned January 21, 2009.
Frederic S. Mishkin Leaving the Board
   Boston
Sept. 5, 2006 Resigned August 31, 2008.
Elizabeth A. Duke Leaving the Board
   Philadelphia
Aug. 5, 2008 Resigned August 31, 2013.
Daniel K. Tarullo
   Boston
Jan. 28, 2009  
Sarah Bloom Raskin Leaving the Board
   Richmond
Oct. 4, 2010 Resigned March 13, 2014.
Jerome H. Powell
   Philadelphia
May 25, 2012 Reappointed June 16, 2014.
Jeremy C. Stein Leaving the Board
   Chicago
May 30, 2012 Resigned May 28, 2014.
Stanley Fischer
   New York
May 28, 2014 Appointed Vice Chairman June 16, 2014
Lael Brainard
   Richmond
June 16, 2014  

7. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System. It also changed the title from Members to Governors. Section 203(a) provided that: "Hereafter the Federal Reserve Board shall be known as the 'Board of Governors of the Federal Reserve System,' and the governor and vice governor of the Federal Reserve Board shall be known as the 'chairman' and the 'vice chairman' respectively, of the Board of Governors of the Federal Reserve System." Return to text

8. The Comptroller of the Currency served as a member of the Federal Reserve Board until the implementation of the Banking Act of 1935 on Feb. 1, 1936. Return to text

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Last update: November 6, 2014