Board of Governors are appointed by the President from among the sitting Governors. They both serve a four-year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire. All seven board members of the Federal Reserve Board of Governors and five Federal Reserve Bank presidents direct the open market operations that sets U.S. monetary policy through their membership in the Federal Open Market Committee (FOMC). Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives and Records Administration. Current members The current members of the Board of Governors are as follows: Vacancies and pending nominations Committees There are eight committees. Committee on Board Affairs Committee on Consumer and Community Affairs Committee on Economic and Financial Monitoring and Research Committee on Financial Stability Committee on Federal Reserve Bank Affairs Committee on Bank Supervision Subcommittee on Smaller Regional and Community Banking Committee on Payments, Clearing, and Settlement List of governors The following is a list of past and present members of the Board of Governors of the Federal Reserve System. A governor serves for a fourteen-year term after appointment and member who serves a full term may not be reappointed; when governor completes an unexpired portion of a term may be reappointed. Since the Federal Reserve was established in 1914, the following people have served as governor. Status Italics denotes date of term expiration Succession of seats The Federal Reserve Board has seven seats subject to Senate confirmation, separate from a member's term as chair or vice chair. Structure of leadership The Chair, Vice Chair and Vice Chair for Supervision are appointed by the President from among the sitting members of the Board to serve a four-year term and they can be renominated as many times as the President chooses, subject to Senate confirmation each time, until their terms on the Board of Governors expire. Unsuccessful nominations The below were formally nominated to fill a vacant seat but failed to be confirmed by the Senate. In addition, Steve Moore and Herman Cain were announced, but never formally nominated, to fill Bloom Raskin and Yellen's seats (without specifying which seat or district) by Donald Trump in 2019 before being withdrawn from consideration. References External links Federal Reserve List of Governors Board of Governors of the Federal Reserve System in the Federal