Jerome. H. (“Jay”) Powell and Lael Brainard were sworn in Monday to terms as chair and vice chair of the Federal Reserve Board Monday, the Fed announced, noting also the swearing in of Lisa D. Cook and Phillip N. Jefferson to their first terms on the board of the nation’s central bank.
Powell was renominated in November by President Joe Biden to the Fed’s top leadership post and was confirmed May 12. His new term as chair continues through Jan. 31, 2028. Brainard was nominated also in November as vice chair and won confirmation on April 26. Her term as vice chair continues through May 15, 2026, and her term as a board member goes through Jan. 31, 2026.
Cook, nominated Jan. 13, was confirmed May 10 and has a Fed Board term that continues through Jan. 31, 2024. Jefferson, also nominated Jan. 13, won confirmation May 11 and has a term that continues through Jan. 31, 2036.
The swearing in of Powell, Brainard, Cook, and Jefferson brings the Fed Board one seat away from its full complement of seven members. Michael S. Barr, nominated May 2 to a four-year term as vice chair for supervision and to a full board term ending Feb. 1, 2032, testified before the Senate Banking Committee May 19. The next step, ideally, is for the committee to vote to send the nomination to the full Senate for action.
Barr, if confirmed, would be the second-ever vice chair for supervision for the Fed Board. The first was Randal Quarles, who resigned his remaining board term last year after his term as supervision vice chair expired in October.