The governing board of the Federal Reserve announced Thursday it voted unanimously to reappoint 11 of the 12 sitting presidents of the regional Federal Reserve Banks when their terms conclude at the end of February.
Atlanta Fed President Raphael Bostic had previously announced his intent to retire when his term expires. A replacement has not been named.
Reappointment also requires approval by the regional banks’ boards of governors, following an assessment of their performance over their term.
Presidents of the regional reserve banks play a key role in setting interest-rate policy during their five-year terms, which have historically concluded on years ending in 1 or 6.
The president of the New York Fed, alongside the seven members of the Federal Reserve Board of Governors, has a permanent seat on the 12-member Federal Open Market Committee (FOMC) that votes on decisions to raise or lower interest rates. Four of the remaining regional bank leaders vote on a rotating basis.
Cleveland Fed President Beth Hammack, Dallas Fed President Lorie Logan, Philadelphia Fed President Anna Paulson and Minneapolis Fed President Neel Kashkari will rotate into voting roles in January.
President Donald Trump has exerted enormous pressure on Fed Chair Jerome Powell and the central bank more broadly to dramatically lower interest rates this year.
Such efforts include attempts to fire Fed Governor Lisa Cook for alleged mortgage fraud and the hasty appointment of Stephen Miran to fill a four-month vacancy on the Board of Governors ending Jan. 31.
The unanimous vote to reappoint the sitting regional presidents means that President Donald Trump’s three appointees to the Fed’s seven-member board — Michelle Bowman, Christopher Waller and Miran — approved of their reappointment as well.
The FOMC voted to lower its benchmark borrowing rate by 0.25% earlier this week, the third quarter-point reduction in as many meetings.
Trump immediately responded following the announcement, calling Powell “a stiff” during a roundtable meeting with CEOs at the White House on Wednesday and criticizing the rate cut for what he felt should have been “at least doubled.”
Three FOMC meetings will take place in 2026 before its composition of voting members changes. Diverging views on the path of future rate cuts have emerged in recent months among its current members, reflected in a growing number of formal dissents. Two voting members dissented at the October meeting, followed by three dissents in December.
The quarterly Summary of Economic Projections, released concurrently with Wednesday’s rate-cut announcement, showed the median outlook among Federal Reserve policymakers calls for just one quarter-point rate cut in 2026.
The full list of presidents of regional Federal Reserve Banks reappointed for five-year terms is as follows:
- Boston: Susan Collins
- New York: John Williams
- Philadelphia: Anna Paulson
- Cleveland: Beth Hammack
- Richmond: Thomas Barkin
- Chicago: Austan Goolsbee
- St. Louis: Alberto Musalem
- Minneapolis: Neel Kashkari
- Kansas City: Jeffrey Schmid
- Dallas: Lorie Logan
- San Francisco: Mary Daly
