The leadership of the Federal Reserve has undergone substantial turnover in the past few years, both at the Board of Governors in Washington and at the 12 regional Fed banks.
By law, the president nominates a Fed chair and two vice chairs for four-year terms. They must be confirmed by the Senate for those positions in a vote distinct from their confirmation as members of the Fed Board of Governors. Jerome Powell was confirmed for a second four-year term as chair on May 12, 2022. Philip Jefferson was confirmed as vice chair on September 7, 2023. He succeeded Biden pick Lael Brainard, who left the Fed in early 2023 to head the White House National Economic Council. Michael Barr, another Biden nominee, was confirmed as vice chair for (bank) supervision on July 13, 2022, succeeding Trump pick Randal Quarles. Barr resigned as vice chair February 28, 2025, but remains a Fed governor. President Trump nominated Fed governor Michelle Bowman for the vice chair post, and she took office for a four-year term on June 9, 2025. Lisa Cook was confirmed by the Senate in May 2022 to fill an unexpired term, and then confirmed a second time in September 2023 for a term that expires in 2038. Adriana Kugler, confirmed in September 2023 for a term to expire in January 2026, announced in early August 2025 that she would step down early. To replace her, President Trump nominated Stephen Miran, who was confirmed by the Senate in September 2025.
The president and Senate have no say in picking presidents of the 12 regional Fed banks—they’re chosen by their private sector boards of directors, subject to the approval of the Fed Board of Governors in Washington.
Presidents of the regional Fed banks can serve until they’re 65—unless appointed after turning 55, in which case they can serve for a maximum of 10 years or until they’re 75, whichever comes first. For instance, Mary Daly, appointed on October 1, 2018, at the age of 55, falls into the second category, which means her term is up in October of 2028. Neel Kashkari, the youngest of the current regional presidents, can serve through 2038. Loretta Mester of the Cleveland Fed reached mandatory retirement age in June 2024; Beth Hammack succeeded her. Philadelphia Fed president Patrick Harker retired in June 2025; Anna Paulson replaced him. (As Kaleb Nygaard has documented, this retirement rule dates to a 1936 decision by the Board of Governors.) In November 2025, Atlanta Fed President Raphael Bostic announced his intent to resign at the end of February 2026.
After press reports of their stock market trading raised eyebrows, Boston Fed President Eric Rosengren retired, citing health issues, on September 30, 2021, nine months earlier than his mandatory retirement, and Dallas Fed President Rob Kaplan retired on October 8, 2021, four years before his mandatory retirement date, because “recent focus on [his] financial disclosure risks becoming a distraction to the Federal Reserve.” The Boston Fed subsequently named Susan Collins as its new president, and the Dallas Fed named Lorie Logan.
Presidents of the 12 regional Fed banks are up for reappointment every five years. The Fed Board of Governors in Washington could replace any of them, though it hasn’t ever done so. A 2019 opinion by the Justice Department’s Office of Legal Counsel—never tested in court—said that the Fed Board of Governors can remove a Fed bank president “at will.” The law is unclear. The Federal Reserve Act, 12 U.S.C. § 248(f), says, “To suspend or remove any officer or director of any Federal reserve bank, the cause of such removal to be forthwith communicated in writing by the Board of Governors of the Federal Reserve System to the removed officer or director and to said bank.” The use of the word “cause” suggests there has to be one. A different section, 12 U.S.C. § 341 (Fifth), however, says that the board of directors of a regional Fed bank can dismiss any officer “at pleasure.”
Name
Must Leave By
Bank
Age Now
Age Appointed
Thomas Barkin
January 2028
Richmond
64
56
John Williams
June 2028
New York
63
56
Mary Daly
October 2028
San Francisco
62
55
Raphael Bostic*
May 2031
Atlanta
59
51
Susan Collins
July 2032
Boston
66
63
Jeffrey Schmid
August 2033
Kansas City
67
65
Alberto Musalem
April 2034
St. Louis
56
55
Austan Goolsbee
August 2034
Chicago
56
53
Anna Paulson
July 2035
Philadelphia
61
60
Beth Hammack
January 2037
Cleveland
53
52
Lorie Logan
February 2038
Dallas
52
49
Neel Kashkari
July 2038
Minneapolis
52
42
*Announced his resignation effective February 28, 2026.
The Fed governors in Washington serve fixed 14-year terms that are staggered; one term expires every two years. If a governor leaves before his or her term is up, the successor completes their term. Governors filling unexpired terms can still be appointed to a new one, meaning that they can serve for more than 14 years. Only two Fed governors, however, have served for more than 14 years in the past half-century of Fed history. The median term length is a little over five years. By law, the president cannot remove a governor except “for cause,” a legal term that means he would have to show that the person had done something wrong.
Fed Board Member
Term Expires
Stephen Miran*
January 2026
Jerome Powell
January 2028
Christopher Waller*
January 2030
Michael Barr*
January 2032
Michelle Bowman
January 2034
Philip Jefferson*
January 2036
Lisa Cook
January 2038
*Filling an unexpired term, so could be reappointed.
Three of the current members of the Fed Board of Governors were initially appointed by Donald Trump (Bowman, Miran, and Waller). Powell was originally appointed to the Board by Barack Obama in 2012 and was first named chair by Donald Trump during his first term. Powell’s term as chair expires in May 2026, Philip Jefferson’s four-year term as vice chair expires in September 2027, and Michelle Bowman’s four-year term as vice chair for supervision ends in June 2029.