The Federal Reserve (Fed) has re-elected eleven of the twelve presidents of its regional branches, effectively closing the door on potential interference from Donald Trump in its internal operations, as he did with the appointment of Stephen Miran as governor to push for drastic interest rate cuts.
The heads of the Fed’s branches across the United States had their terms renewed unanimously for another five years. Their previous terms were set to expire on February 28, 2026.
The Federal Open Market Committee (FOMC), the Fed’s governing body responsible for setting interest rates, has twelve members: seven governors and five regional presidents. The president of the New York Fed holds a permanent seat, while the other positions rotate annually.
However, regional leaders without voting rights do participate in meetings and discussions about the state of the macroeconomy, particularly to provide detailed information about their jurisdictions.
All regional heads are required to retire at age 65, although they may remain in office longer if they were initially elected over the age of 55, but no longer than 75.
Thus, John Williams will continue to lead the New York Fed, Mary Daly the San Francisco Fed, Austan Goolsbee the Chicago Fed, Susan Collins the Boston Fed, Anna Paulson the Philadelphia Fed, Thomas Barkin the Richmond Fed, Lorie Logan the Dallas Fed, Neel Kashkari the Minneapolis Fed, Beth Hammack the Cleveland Fed, Alberto Musalem the St. Louis Fed, and Jeffrey Schmid the Kansas City Fed.
The president of the Atlanta Fed, Raphael Bostic, announced on November 12 that he would leave the central bank once his term ends in February. Bostic, 59, had served as president of the Atlanta Fed since 2017, becoming the first openly gay and African American president of a regional bank.
Following Bostic’s departure, the Atlanta Fed’s board of trustees formed a committee comprised of board members from outside the banking industry to conduct a nationwide search for his successor.
For the time being, Atlanta Fed’s First Vice President and Chief Operating Officer, Cheryl Venable, will serve as interim president.
