2022 Federal Reserve Regional Bank Chairs Announced: Key Leaders and Potential Nominee Philip Jefferson
Discover the influential leaders appointed as chairs and deputy chairs of the 12 regional Federal Reserve Banks in 2022, including the potential nomination of economist Philip Jefferson to the Federal Reserve Board.
In 2022, the Federal Reserve Board (FRB) officially appointed new chairs and deputy chairs for the 12 regional Federal Reserve Banks, shaping the future of U.S. monetary policy and regional economic oversight.
The Federal Reserve Board in Washington selects three directors for each regional bank's nine-member board annually, designating one as chair and another as deputy chair. These roles are critical in guiding regional economic strategies and contributing to national financial stability.
The Federal Reserve Bank of New York, recognized as the most influential due to its financial hub location, appointed Rosa M. Gil as chair for 2022. Gil is the founder, president, and CEO of Comunilife, Inc., and has been a key figure on the New York Fed’s board since 2018, serving as deputy chair since 2019. Vincent Alvarez, president of the New York City Central Labor Council (AFL-CIO affiliate), continues as deputy chair, bringing labor perspectives to the board.
Highlights:
- Federal Reserve Board announces 2022 leadership for all 12 regional Federal Reserve Banks.
- Combination of reappointments and fresh appointments reflect diverse expertise.
- Economist Philip Jefferson is a leading candidate for a Federal Reserve Board seat nomination by President Biden.
Philip Jefferson: Potential Nominee for Federal Reserve Board in 2022
Philip Jefferson, an esteemed economist and vice president for academic affairs at Davidson College, is poised to be nominated by President Biden to fill a vacant Federal Reserve Board seat. If confirmed by the Senate, Jefferson would become the fourth Black man to hold a position on the FRB, marking a historic milestone.
Jefferson holds a Ph.D. in economics from the University of Virginia and has prior Federal Reserve experience, having worked as an economist in the monetary affairs division (1996-1997) and as a research assistant in the fiscal analysis section (1983-1985). His scholarly work focuses on poverty and economic inequality, and he has taught at prestigious institutions including Columbia University and UC Berkeley.
2022 Regional Federal Reserve Bank Leadership Updates
Alongside New York, the following regional Federal Reserve Banks announced their chairs and deputy chairs for 2022:
Boston: Chair Christina Hull Paxson, president of Brown University; Deputy Chair Corey Thomas, CEO of Rapid7, LLC.
Philadelphia: Chair Madeline Bell, CEO of The Children's Hospital of Philadelphia; Deputy Chair Anthony Ibarguen, CEO of Quench USA, Inc.
Cleveland: Chair Dwight E. Smith, CEO of Sophisticated Systems, Inc.; Deputy Chair Doris Carson Williams, CEO of African American Chamber of Commerce of Western Pennsylvania.
Richmond: Chair Eugene A. Woods, CEO of Atrium Health; Deputy Chair Jodie W. McLean, CEO of EDENS.
Atlanta: Chair Elizabeth A. Smith, former executive chair of Bloomin' Brands, Inc.; Deputy Chair Claire Lewis Arnold, CEO of Leapfrog Services, Inc.
Chicago: Chair Helene D. Gayle, M.D., CEO of The Chicago Community Trust; Deputy Chair Jennifer F. Scanlon, CEO of UL Inc.
St. Louis: Chair James M. McKelvey, Jr., CEO of Invisibly, Inc.; Deputy Chair Carolyn Chism Hardy, CEO of Chism Hardy Investments, LLC.
Minneapolis: Chair Srilata Zaheer, dean of Carlson School of Management, University of Minnesota; Deputy Chair Chris Hilger, CEO of Securian Financial.
Kansas City: Chair Edmond Johnson, CEO of Premier Manufacturing, Inc. and eNFUSION; Deputy Chair Patrick A. Dujakovich, president of Greater Kansas City AFL-CIO.
Dallas: Chair Thomas J. Falk, retired CEO of Kimberly-Clark Corporation; Deputy Chair Claudia Aguirre, CEO of BakerRipley.
San Francisco: Chair Tamara L. Lundgren, CEO of Schnitzer Steel Industries, Inc.; Deputy Chair David P. White, strategic advisor and former CEO of SAG-AFTRA.
These appointments reflect a blend of seasoned executives and leaders from diverse sectors, reinforcing the Federal Reserve’s commitment to regional representation and economic expertise.
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