The Federal Reserve reappoints 11 Reserve Bank Presidents with a five-year term.

The Federal Reserve Board announced on Thursday that it has unanimously agreed to reappoint 11 regional Federal Reserve Bank presidents for a new five-year term. According to the law, the term for all regional Federal Reserve Bank presidents and their first vice presidents is five years, and the current term will expire on February 28, 2026. This reappointment decision was made after a comprehensive review of the presidents by the boards of the regional Federal Reserve Banks and with unanimous consent from the Federal Reserve Board in Washington, temporarily resolving the core issue surrounding the future composition of the FOMC. The presidents of the 12 regional Federal Reserve Banks are all members of the Federal Open Market Committee, which participates in interest rate decisions, but only five of them have voting rights each year. They are nominated and appointed by business leaders from the boards of the regional Federal Reserve Banks, and ultimately require approval from the Federal Reserve Board in Washington. Raphael Bostic, President of the Federal Reserve Bank of Atlanta, has previously announced his retirement at the end of his term in February 2026. The financial markets are still waiting for the White House to announce who President Trump will nominate to succeed Jerome Powell as Chairman of the Federal Reserve after his term ends in May this year. Kevin Hassett, a close economic advisor to Trump, is considered a top contender.