Frequently Asked Questions
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How are the Chairman and members of the Federal Reserve Board of Governors selected, and what is the term of office?
Who are the current Board members?
What are the salaries of the Board members?
How can I request to have a Board member speak at an event?
How can I send comments, suggestions, or requests to a Board member by e-mail?
How many employees work at the Board?
Is it legal for Board employees to own stock or to trade in the market?
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How are the Chairman and members of the Federal Reserve Board of Governors selected, and what is the term of office?
The seven members of the Board of Governors are nominated by the President of the United States and confirmed by the U.S. Senate. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country," and no two Governors may come from the same Federal Reserve District.
The full term of a Governor is fourteen years; appointments are staggered so that one term expires on January 31 of each even-numbered year. A Governor who has served a full term may not be reappointed, but a Governor who was appointed to complete an unexpired term may be reappointed to a full fourteen-year term.
Once appointed, Governors may not be removed from office for their policy views. The lengthy terms and staggered appointments are intended to contribute to the insulation of the Board--and the Federal Reserve System as a whole--from day-to-day political pressures to which it might otherwise be subject. If all Governors serve full terms, a President would be able to appoint only two Governors during a four-year presidential term. Moreover, even a President reelected for a second term would not have appointed a majority of the Governors until late in the second term. In reality, many Governors do not complete their fourteen-year terms, and recent Presidents have averaged more than one appointment to the Board every two years.
As stipulated in the Banking Act of 1935, the Chairman and Vice Chairman of the Board are chosen by the President from among the sitting Governors and must be confirmed by the Senate. They serve terms of four years and may be reappointed as Chairman or Vice Chairman until their terms as Governors expire. The Chairman serves as public spokesperson and representative of the Board and manager of the Board's staff and presides at Board meetings. Affirming the apolitical nature of the Board, recent Presidents representing both major political parties have selected the same person as Board Chairman.
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Who are the current Board members?
List of current Board members.
What are the salaries of the Board members?
Congress sets the salaries of the Board members. For 2008, the Chairman's annual salary is $191,300. The annual salary of the other Board members (including the Vice Chairman) is $172,200.
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How can I request to have a Board member speak at an event?
Write directly to the Board member, addressing him or her as "The Honorable." Because the Board receives many requests, please allow at least ten business days for a response. Requests may be faxed to 202-452-3819 or mailed to the following address:
Federal Reserve Board
20th Street and Constitution Avenue, NW
Washington, DC 20551
How can I send comments, suggestions, or requests to a Board member by e-mail?
Because of the many requests and suggestions received from the public, we cannot provide the individual e-mail addresses of the Board members.
How many employees work at the Board?
About 1,850 people work at the Board of Governors in Washington , D.C. For more information, see the Board's Annual Report: Budget Review on the Board's web site.
Is it legal for Board employees to own stock or to trade in the market?
Yes, generally. Board employees, and their spouses and minor children, are allowed to own or trade stock, except the stock of depository institutions or affiliates of such institutions. Also, employees who have ongoing access to the most sensitive Federal Open Market Committee information, and their spouses and minor children, may not own stock in primary government securities dealers or their affiliates, and they are restricted as to when they may buy and sell securities.
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