There are seven members of the Board of Governors of the Federal Reserve. The governors are normally proposed by the president and appointed by the congress, to serve a full term of fourteen years in the Federal Reserve. The Chairperson of the Board is known as Jerome H. Powel. He served as a member of the Board of Governors from 2012 and was later reinstated in 2014 for a fourteen-year term. In 2018 he assumed duty as the Board chairperson of Governors for a four-year term. Additionally, Mr. Powell is the head of System's principal monetary policymaking body in the Federal Open Market Committee (FOMC). The assistant chairperson of the Board of Governors is known as Richard H. Clarinda. Mr. Clarinda was reinstated as a member of the Board in 2018, after which he was made the assistant chairperson of the Board.
Randal K. Quarles is the third member of the Board of Governors. He is the assistant chairperson for supervision of the Board in the Federal Reserve System. Mr. Quarles took office as the vice chair for supervision in 2017 for a four-year term after his reappointment as one of the Board members. He was later reinstated to the Board for a fourteen-year term in 2018. He serves simultaneously as the chairperson of the Financial Stability Board (FSB) for three-year term as from 2018. Michelle W. Bowman is another member of the Board who assumed duty in 2018. She was later reinstated to the Board in 2020 for a fourteen-year term. Lael Brainard is another Board Member of the Federal Reserve System. She assumed duty as a Board Member in 2014 for a four-year term.
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However, the Board has two vacancies because members of the Board, Sara Bloom Raskin and Janet Yellen retired in 2014 and 2018 respectively. Therefore, Chris Waller and Judy Shelton were nominated on 28 th January to fill the gaps.
