FEDERAL RESERVE BOARD ANNOUNCES REAPPOINTMENT OF RESERVE BANK PRESIDENTS AND FIRST VICE PRESIDENTS

The following information was released by the Federal Reserve Board:

Following a comprehensive review by the boards of directors of the regional Reserve Banks, and the unanimous concurrence of Federal Reserve Board members, the Federal Reserve on Thursday announced the reappointment of Federal Reserve Bank presidents and first vice presidents.

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. 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. Those factors included:

The president's active engagement with the local business, financial, and non-profit communities within the district;

Their effectiveness as the chief executive officer of the Reserve Bank, including developing and implementing the Bank's strategy and leading its staff; and

Their leadership contributions to the Federal Reserve System as a whole, notably in supporting coordinated System functions and activities.

First vice presidents were largely evaluated in their role as the chief operating officer of each Reserve Bank, with a focus on their management of both local Reserve Bank operations and Federal Reserve System initiatives.

In preparing its overall assessment of each president and first vice president, each board of directors solicited input from a range of parties, including civic and industry leaders in each district. As a final step in the process, the Federal Reserve Board considered the evaluation by the board of directors.

The new five-year term begins on March 1, 2026. A list of presidents and first vice presidents, by Federal Reserve district, follows:

Boston: Susan M. Collins, president; and Karen A. Pennell, first vice president

New York: John C. Williams, president; and Sushmita Shukla, first vice president

Philadelphia: Anna Paulson, president; and Jeanne R. Rentezelas, first vice president

Cleveland: Beth M. Hammack, president; and Mark S. Meder, first vice president

Richmond: Thomas I. Barkin, president; and Becky C. Bareford, first vice president

Atlanta: Cheryl L. Venable, first vice president

Chicago: Austan D. Goolsbee, president

St. Louis: Alberto Musalem, president; and Franois G. Henriquez, II, first vice president

Minneapolis: Neel T. Kashkari, president; and Ron J. Feldman, first vice president

Kansas City: Jeffrey R. Schmid, president; Kimberly N. Robbins, first vice president

Dallas: Lorie K. Logan, president; and Robert L. Triplett, III, first vice president

San Francisco: Mary C. Daly, president; and Sarah E. Devany, first vice president

Raphael W. Bostic previously announced his retirement as president of the Federal Reserve Bank of Atlanta at the end of his current term, and Shonda S. Clay had previously been approved as first vice president of the Federal Reserve Bank of Chicago for a term starting March 1, 2026, following the retirement of Ellen Bromagen from that role.