Board of Governors of the Federal Reserve System

The Federal Reserve Board on Wednesday announced that James A. Clouse has been appointed secretary of the Federal Open Market Committee (FOMC), succeeding Brian F. Madigan, effective November 26.

In addition to directing the work of the FOMC Secretariat, which produces minutes and transcripts of FOMC meetings, Clouse will continue as deputy director of the Board's Division of Monetary Affairs and will continue to report to Thomas Laubach, division director. Madigan will serve as senior adviser before retiring in 2018.

Clouse began his career at the Board in 1989, after service as an officer in the U.S. Army. He was on leave from the Board from December 2005 to November 2006, when he served as a deputy assistant secretary at the Treasury Department, overseeing Treasury debt financing. He has been a deputy director of the Monetary Affairs division since 2007. He holds a B.A. in economics from Princeton University and a Ph.D. in economics from Northwestern University.

"I'm very pleased that Jim is undertaking additional duties as FOMC secretary," said Chair Janet L. Yellen. "Over the past three decades, Jim has developed deep expertise in central banking broadly, the Federal Reserve in particular, and most especially in monetary policy implementation."

Madigan was appointed FOMC secretary in June 2015, when he returned to the Board staff after a five-year absence. He initially joined the Board staff in 1979 and served as director of the Division of Monetary Affairs and FOMC Secretary from 2007 to 2010.

"I'm very grateful for Brian's service through a long and distinguished career and, most particularly, for his leadership during the challenging years of the financial crisis." Chair Yellen said.

For media inquiries, call (202) 452-2955.