| Post: | Vice Chair |
| Body: | the Board of Governors of the Federal Reserve System |
| Flag: | Flag_of_the_United_States_Federal_Reserve.svg |
| Flagholder: | yes |
| Flagsize: | 130px |
| Flagcaption: | Flag of the Federal Reserve System |
| Insignia: | Seal of the United States Federal Reserve Board.svg |
| Insigniasize: | 120px |
| Insigniacaption: | Seal of the Board of Governors |
| Incumbent: | Philip Jefferson |
| Incumbentsince: | September 13, 2023 |
| Department: | United States Federal Reserve System |
| Member Of: | Board of Governors Open Market Committee |
| Reports To: | United States Congress |
| Seat: | Eccles Building Washington, D.C. |
| Appointer: | President |
| Appointer Qualified: | with Senate advice and consent |
| Termlength: | Four years, renewable (as Vice Chair) 14 years, non-renewable (as Governor) |
| Constituting Instrument: | Federal Reserve Act |
| First: | Frederic Adrian Delano |
| Salary: | Executive Schedule, Level II |
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of Governors of the Federal Reserve System.
The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with Ronald Ransom as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term.[1]
The position of vice chair is currently held by Philip Jefferson who was sworn in on September 13, 2023.[2] The position of vice chair for supervision is currently held by Michael Barr who was sworn in on July 19, 2022.[3]
As stipulated by the Banking Act of 1935, the president may designated to serve as Vice Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors.[4] [5] [6] The Senate Committee responsible for vetting a Federal Reserve vice chair and vice chair for supervision nominees is the Senate Committee on Banking.
The vice chair of the Board shall serve in the absence of the chair as leader of the Federal Reserve system until chair's replacement was installed by the Senate.[7] [8]
By law, the vice chair, as part of the Board, make a full report of its operations to the speaker of the House, on progress towards the Fed's responsibilities and monetary policy objectives, which are "maximum employment, stable prices, and moderate long-term interest rates."[9]
The duties of the vice chair for supervision would include developing policy recommendations regarding supervision and regulation for the Board. The vice chairman of supervision will report to Congress semiannually on the efforts of the board with respect to the conduct of supervision and regulation.
By law, the vice chair for supervision shall appear before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services of the House of Representatives and at semi-annual hearings regarding the efforts, activities, objectives, and plans of the Board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the Board.[10]
The law applicable to the chair, vice chairs and all other members of the board provides (in part):
The Vice Chair of the Federal Reserve and the Vice Chair for Supervision are Level II positions in the Executive Schedule,[11]
The following is a list of past and present vice chairs of the Board of Governors of the Federal Reserve System. A vice chair serves for a four-year term after appointment, but may be reappointed for several consecutive four-year terms. Since the Federal Reserve was established in 1914, the following people have served as vice chair.[13]
| Portrait | Name | Term of office | Tenure length | Appointed by< | --This list includes only the president who nominated or reappointed the Federal Reserve vice chairman, contrary to all presidents under whom the vice chairman served during his or her term of office. --> | ||
|---|---|---|---|---|---|---|---|
| Start of term | End of term | ||||||
| 1 | August 10, 1914 | August 9, 1916 | Woodrow Wilson | ||||
| 2 | August 10, 1916 | August 9, 1918 | |||||
| 3 | October 26, 1918 | March 15, 1920 | |||||
| 4 | July 23, 1920 | September 14, 1930 | |||||
| 5 | August 21, 1934 | February 10, 1936 | Franklin D. Roosevelt | ||||
| 6 | August 6, 1936 | December 2, 1947 | |||||
| 7 | March 11, 1955 | February 28, 1966 | Dwight D. Eisenhower John F. Kennedy | ||||
| 8 | March 1, 1966 | April 30, 1973 | Lyndon B. Johnson Richard Nixon | ||||
| 9 | May 1, 1973 | February 13, 1976 | Richard Nixon | ||||
| 10 | February 13, 1976 | November 19, 1978 | Gerald Ford | ||||
| 11 | July 27, 1979 | February 11, 1982 | Jimmy Carter | ||||
| 12 | March 31, 1982 | April 30, 1986 | Ronald Reagan | ||||
| 13 | August 4, 1986 | August 3, 1990 | |||||
| 14 | July 24, 1991 | February 14, 1994 | George H. W. Bush | ||||
| 15 | June 27, 1994 | January 31, 1996 | Bill Clinton | ||||
| 16 | June 25, 1996 | July 16, 1999 | |||||
| 17 | October 5, 1999 | April 28, 2006 | Bill Clinton George W. Bush | ||||
| 18 | June 23, 2006 | June 23, 2010 | George W. Bush | ||||
| 19 | October 4, 2010 | February 3, 2014 | Barack Obama | ||||
| 20 | June 16, 2014 | October 16, 2017 | |||||
| 21 | September 17, 2018 | January 14, 2022 | Donald Trump | ||||
| 22 | May 23, 2022 | February 18, 2023 | Joe Biden | ||||
| 23 | September 13, 2023 | Incumbent | |||||
The Dodd–Frank Wall Street Reform and Consumer Protection Act, which came into force on July 21, 2010, required the president to designate, by and with the advice and consent of the Senate, a new "Vice Chairman for Supervision," who "shall develop policy recommendations for the Board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the Board and shall oversee the supervision and regulation of such firms."[14] Since the Dodd–Frank Act was enacted in 2010, the following people have served as vice chair for supervision.
| Portrait | Name | Term of office | Tenure length | Appointed by | |||
|---|---|---|---|---|---|---|---|
| Start of term | End of term | ||||||
| 1 | October 13, 2017 | October 13, 2021 | Donald Trump | ||||
| 2 | July 19, 2022 | Incumbent | Joe Biden | ||||