The Federal Reserve currently has two distinct vice chair positions on its Board of Governors: Philip Jefferson serves as the Vice Chair, and Michael Barr serves as the Vice Chair for Supervision.
These roles are crucial for the functioning and oversight of the United States' central banking system. While the question mentions "vice president of the Federal Reserve Bank," it's important to clarify that the Federal Reserve System operates with a Board of Governors that includes a Chair, Vice Chair, and Vice Chair for Supervision, overseeing the entire system, rather than a "vice president" within a single regional Federal Reserve Bank in this context.
Current Vice Chairs of the Federal Reserve Board
The two leadership positions assist the Chair of the Federal Reserve and manage specific areas of the Board's responsibilities. Here's a quick overview of the current officeholders:
| Position | Current Holder | Sworn In Date | Primary Responsibilities |
|---|---|---|---|
| Vice Chair | Philip Jefferson | September 13, 2023 | Serves as the principal deputy to the Chair of the Federal Reserve. |
| Vice Chair for Supervision | Michael Barr | July 19, 2022 | Leads the Board's efforts in developing policy recommendations for supervising and regulating financial institutions. |
Understanding the Roles
The Board of Governors of the Federal Reserve System, located in Washington, D.C., leads the Federal Reserve System. Its members are appointed by the President of the United States and confirmed by the Senate.
- The Vice Chair assists the Chair in leading the Board's activities and represents the Board in various forums. This role is integral to the overall economic and monetary policy decision-making processes.
- The Vice Chair for Supervision is a specialized role focusing explicitly on the regulation and oversight of financial institutions. This position ensures the safety and soundness of the U.S. banking system, playing a key part in maintaining financial stability.
These distinct roles highlight the comprehensive nature of the Federal Reserve's mandate, which includes not only monetary policy but also financial regulation and stability.
