The 11 regional Federal Reserve presidents have been reappointed for a five-year term.
The Federal Reserve stated that this decision was made after a comprehensive evaluation of the presidents by the boards of the regional Federal Reserve banks, temporarily resolving key issues regarding the future composition of the Federal Reserve's decision-making committee.
The Federal Reserve Board unanimously agreed to the reappointment of the 11 regional Federal Reserve presidents for a five-year term.
The Federal Reserve stated that this decision was made after a comprehensive evaluation of the presidents by the boards of the regional Federal Reserve banks and was made with the "unanimous consent" of the Federal Reserve Board. According to legal provisions, the terms of all regional Federal Reserve presidents and first vice presidents are five years. The current term will expire on February 28, 2026.
This temporarily resolves key issues regarding the future composition of the Federal Reserve's decision-making committee.
Bloomberg previously reported, citing informed sources, that Federal Reserve watchers and even some regional Federal Reserve presidents began to worry this summer that Trump was trying to install allies on the Federal Reserve Board. Meanwhile, the Trump administration has also significantly increased pressure on the Federal Reserve.
The resignation of Federal Reserve Governor Adriana Kugler and Trump's attempt in August to dismiss another governor of the central bank, Lisa Cook, made the five-year reappointment vote for regional Federal Reserve presidents particularly important.
If there is just cause, regional Federal Reserve presidents can still be dismissed at any time by a majority vote of the Federal Reserve Board, but this reappointment authorization eliminates any potential immediate threat to their positions.
The presidents of the 12 regional Federal Reserves participate in the Federal Open Market Committee (FOMC) interest rate decisions, but only five of these presidents have voting rights each year. These presidents are nominated by business leaders on the boards of the regional Federal Reserve banks and appointed with the approval of the Federal Reserve Board.
