On January 5, 2022, the Board of Governors of the Federal Reserve System, also known as the Federal Reserve Board (FRB), announced the new Chairmen and Vice Chairmen of the 12 regional Federal Reserve banks for 2022. Each Federal Reserve regional The Bank has a board of directors of nine members. The FRB in Washington appoints three of these directors and annually appoints one of them as chairman and another as vice-chairman.
The Federal Reserve Bank of New York, due to its location in the nation’s financial capital, is widely regarded as the most influential of the 12 regional Federal Reserve Banks. Its new president for 2022 will be Rosa M. Gil, Founder, President and Chief Executive Officer (CEO) of Comunilife, Inc. She joined the board of directors of the New York Fed as a Class C director in January 2018 and was its assistant. President since January 2019.
The New York Fed’s new vice president for 2022 will be Vincent Alvarez, president of the New York City Central Labor Council, affiliated with the AFL-CIO. He joined the New York Fed board of directors as a Class C director in January 2019.
Key points to remember
- The Federal Reserve Board (FRB) has appointed the 2022 chairmen and vice-chairmen of each of the Federal Reserve’s 12 regional banks.
- The announcement includes a mix of reappointments and new appointments.
- Economist Philip Jefferson could be President Biden’s candidate for a vacant FRB seat.
Philip Jefferson Can Fill FRB Open Seat
Meanwhile, Philip Jefferson, an economist at Davidson College in North Carolina, is mentioned as likely to be nominated by President Biden to fill a vacant seat on the Federal Reserve Board (FRB). If nominated by Biden and confirmed by the US Senate, Jefferson would be the fourth black man to serve on the FRB in its history.
Jefferson is also vice president of academic affairs and dean of Davidson’s faculty. He holds a doctorate. in Economics from the University of Virginia. He previously worked at the Fed as an economist in its monetary affairs division from 1996 to 1997, and, before that, as a research assistant in its budget analysis section from 1983 to 1985.
Jefferson has written and edited books on poverty and focused his teaching on inequalities. He has taught at Columbia University, the University of Virginia, and Swarthmore College, while serving as a Visiting Assistant Research Economist at the University of California, Berkeley.
Other appointments at the Regional Reserve Bank in 2022
The newly appointed Presidents and Vice Presidents of the Federal Reserve’s other 11 regional banks in 2022 are:
Renamed President: Christina Hull Paxson, President, Brown University, Providence, Rhode Island.
Renamed Vice President: Corey Thomas, President and CEO, Rapid7, LLC, Boston, Massachusetts.
Renowned President: Madeline Bell, President and CEO, The Children’s Hospital of Philadelphia, Philadelphia, Pennsylvania.
Renamed Vice President: Anthony Ibarguen, Managing Director, Quench USA, Inc., King of Prussia, Pennsylvania.
Appointed President: Dwight E. Smith, President and CEO, Sophisticated Systems, Inc., Columbus, Ohio.
Appointed Vice-President: Doris Carson Williams, President and CEO, West Pennsylvania African American Chamber of Commerce, Pittsburgh, Pennsylvania.
Appointed President: Eugene A. Woods, President and CEO, Atrium Health, Charlotte, North Carolina.
Renowned Vice President: Jodie W. McLean, Managing Director, EDENS, Washington, DC
Renowned President: Elizabeth A. Smith, Former Executive President, Bloomin ‘Brands, Inc., Tampa, Florida.
Renowned Vice President: Claire Lewis Arnold, Managing Director, Leapfrog Services, Inc., Atlanta, GA.
New President: Helene D. Gayle, MD, President and CEO, The Chicago Community Trust, Chicago, Illinois.
New Vice President: Jennifer F. Scanlon, President and CEO, UL Inc., Northbrook, Illinois.
New President: James M. McKelvey, Jr., Founder and CEO, Invisably, Inc., St. Louis, Missouri.
New Vice President: Carolyn Chism Hardy, President and CEO, Chism Hardy Investments, LLC, Bartlett, Tennessee.
Appointed President: Srilata Zaheer, Dean, Carlson School of Management, University of Minnesota, Minneapolis, Minnesota.
Renamed Vice President: Chris Hilger, President, President and CEO, Securian Financial, St. Paul, Minnesota.
Renamed President: Edmond Johnson, President and CEO, Premier Manufacturing, Inc. and President and CEO, eNFUSION, Frederick, Colorado.
Renamed Vice President: Patrick A. Dujakovich, President, Greater Kansas City AFL-CIO, Kansas City, Missouri.
New President: Thomas J. Falk, Retired President and CEO, Kimberly-Clark Corporation, Dallas, Texas.
New Vice President: Claudia Aguirre, President and CEO, BakerRipley, Houston, Texas.
New President: Tamara L. Lundgren, President, President and CEO, Schnitzer Steel Industries, Inc., Portland, Oregon.
New Vice President: David P. White, Past Managing Director and Current Strategic Advisor, Screen Actors Guild (SAG-AFTRA), Los Angeles, Calif., And Current Venture Capital Partner, Ulu Ventures, Palo Alto, Calif.