MNI BRIEF: Fed Board Unanimously Reappoints Reserve Chiefs

The Federal Reserve's Board of Governors voted unanimously to reappoint 11 reserve bank presidents to new five year terms beginning next March 1, the central bank said Thursday. 

By law, all reserve bank presidents and first vice presidents serve five-year terms, with each of the current terms expiring on February 28, 2026, a Fed press statement said. In December 2024, the board of directors of each Reserve Bank, representing a wide range of business and community leaders across each district, started a process to assess their president and first vice president across several performance dimensions.

Trump’s attempt to remove Fed Governor Lisa Cook fueled speculation on Wall Street that the administration might seek to block the reappointment of Fed presidents. All seven Fed governors voted to approve the reappointments on Wednesday. Atlanta Fed President Raphael Bostic previously announced his retirement as president of the Atlanta Fed at the end of his current term.