The Federal Reserve said Thursday that all 12 regional bank presidents and their current seconds-in-command are approved for new five-year terms.
The little-known renomination process happens every five years. It is implemented by the boards that oversee the regional Fed banks and the Fed board in Washington. Fed governor Lael Brainard oversaw the process this time, while in the last cycle it was Jerome Powell, before he was elevated to Fed chairman in 2018.
The process that led to all the regional bank presidents staying on was “rigorous,” Ms. Brainard said.
“The leaders of our reserve banks play a vital role in supporting the economic health of communities across our country,” Ms. Brainard said. “Over the past year alone, this has been apparent in the many ways they have been engaged in the Federal Reserve’s responses to the Covid crisis and the national discussion on systemic inequities,” she said.
No officials were fired in this process. Michael Strine, the first vice president of the New York Fed, didn’t participate because of his retirement, which was scheduled for this year. A search to fill his position is ongoing.
