Vice Chair of the Federal Reserve

The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of Governors of the Federal Reserve System. The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with Ronald Ransom as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term. The position of vice chair is currently held by Philip Jefferson who was sworn in on September 13, 2023. The position of vice chair for supervision is currently held by Michael Barr who was sworn in on July 19, 2022. Appointment process As stipulated by the Banking Act of 1935, the president may designated to serve as Vice Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors. The Senate Committee responsible for vetting a Federal Reserve vice chair and vice chair for supervision nominees is the Senate Committee on Banking.