The Federal Reserve announced on Thursday the reappointment of presidents and first vice presidents at its regional Reserve Banks. This decision follows a comprehensive review by the boards of directors for each Reserve Bank, as well as unanimous approval from members of the Federal Reserve Board.
By statute, all presidents and first vice presidents serve five-year terms. The current terms will end on February 28, 2026. In December 2024, each Reserve Bank’s board of directors began evaluating their president and first vice president based on several performance criteria. For first vice presidents, assessments focused on their role as chief operating officer and their management of both local operations and broader Federal Reserve System initiatives.
As part of the evaluation process, input was gathered from civic and industry leaders within each district. The Federal Reserve Board then reviewed these evaluations before making its final decision.
The new five-year term for these leadership positions will begin on March 1, 2026. Raphael W. Bostic has previously announced he will retire as president of the Federal Reserve Bank of Atlanta at the end of his current term. Additionally, Shonda S. Clay has been approved to become first vice president of the Federal Reserve Bank of Chicago starting March 1, 2026, succeeding Ellen Bromagen upon her retirement.