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The Board of Governors of the Federal Reserve System, also called the Federal Reserve Board (FRB) for short, announced on Jan. 5, 2022, the new chairs and deputy chairs of the 12 regional Federal Reserve Banks for 2022. Each regional Federal Reserve Bank has a nine-member board of directors. The FRB in Washington appoints three of these directors and each year designates one of its appointees to serve as chair and another to serve as deputy chair.

The Federal Reserve Bank of New York, due to its location in the nation’s financial capital, is generally regarded as the most influential of the 12 regional Federal Reserve Banks. Its new chair for 2022 will be Rosa M. Gil, the founder, president, and chief executive officer (CEO) of Comunilife, Inc. She joined the New York Fed’s board as a Class C director in January 2018 and has served as its deputy chair since January 2019.

The new deputy chair at the New York Fed for 2022 will be Vincent Alvarez, president of the New York City Central Labor Council, an affiliate of the AFL-CIO. He joined the New York Fed’s board as a Class C director in January 2019.

Key Takeaways

  • The Federal Reserve Board (FRB) has named the 2022 chairs and deputy chairs for each of the 12 regional Federal Reserve Banks.
  • The announcement includes a mix of reappointments and new appointments.
  • Economist Philip Jefferson may be President Biden’s nominee for an open seat on the FRB.

Philip Jefferson May Fill Open FRB Seat

Meanwhile, Philip Jefferson, an economist on the faculty of Davidson College in North Carolina, is being mentioned as likely to be nominated by President Biden to fill an open seat on the Federal Reserve Board (FRB). If nominated by Biden and confirmed by the U.S. Senate, Jefferson would be the fourth Black man to serve on the FRB in its history.

Jefferson also is the vice president for academic affairs and the dean of faculty at Davidson. He holds a Ph.D. in economics from the University of Virginia. He previously worked at the Fed as an economist in its monetary affairs division from 1996 to 1997, and, prior to that, as a research assistant in its fiscal analysis section from 1983 to 1985.

Jefferson has authored and edited books on poverty and focused his teaching on inequality. He has taught at Columbia University, the University of Virginia, and Swarthmore College, while also having been a visiting assistant research economist at the University of California, Berkeley.

Other 2022 Regional Reserve Bank Appointments

The newly named chairs and deputy chairs of the other 11 regional Federal Reserve Banks in 2022 are:

Boston
Renamed chair: Christina Hull Paxson, president, Brown University, Providence, Rhode Island.

Renamed deputy chair: Corey Thomas, chairman and chief executive officer, Rapid7, LLC, Boston, Massachusetts.

Philadelphia
Renamed chair: Madeline Bell, president and chief executive officer, The Children’s Hospital of Philadelphia, Philadelphia, Pennsylvania.

Renamed deputy chair: Anthony Ibarguen, chief executive officer, Quench USA, Inc., King of Prussia, Pennsylvania.

Cleveland
Renamed chair: Dwight E. Smith, president and chief executive officer, Sophisticated Systems, Inc., Columbus, Ohio.

Renamed deputy chair: Doris Carson Williams, president and chief executive officer, African American Chamber of Commerce of Western Pennsylvania, Pittsburgh, Pennsylvania.

Richmond
Renamed chair: Eugene A. Woods, president and chief executive officer, Atrium Health, Charlotte, North Carolina.

Renamed deputy chair: Jodie W. McLean, chief executive officer, EDENS, Washington, D.C.

Atlanta
Renamed chair: Elizabeth A. Smith, former executive chair, Bloomin’ Brands, Inc., Tampa, Florida.

Renamed deputy chair: Claire Lewis Arnold, chief executive officer, Leapfrog Services, Inc., Atlanta, Georgia.

Chicago
New chair: Helene D. Gayle, M.D., president and chief executive officer, The Chicago Community Trust, Chicago, Illinois.

New deputy chair: Jennifer F. Scanlon, president and chief executive officer, UL Inc., Northbrook, Illinois.

St. Louis
New chair: James M. McKelvey, Jr., founder and chief executive officer, Invisibly, Inc., St. Louis, Missouri.

New deputy chair: Carolyn Chism Hardy, president and chief executive officer, Chism Hardy Investments, LLC, Bartlett, Tennessee.

Minneapolis
Renamed chair: Srilata Zaheer, dean, Carlson School of Management, University of Minnesota, Minneapolis, Minnesota.

Renamed deputy chair: Chris Hilger, chairman, president, and chief executive officer, Securian Financial, St. Paul, Minnesota.

Kansas City
Renamed chair: Edmond Johnson, president and chief executive officer, Premier Manufacturing, Inc. and president and chief executive officer, eNFUSION, Frederick, Colorado.

Renamed deputy chair: Patrick A. Dujakovich, president, Greater Kansas City AFL-CIO, Kansas City, Missouri.

Dallas
New chair: Thomas J. Falk, retired chairman and chief executive officer, Kimberly-Clark Corporation, Dallas, Texas.

New deputy chair: Claudia Aguirre, president and chief executive officer, BakerRipley, Houston, Texas.

San Francisco
New chair: Tamara L. Lundgren, chairman, president, and chief executive officer, Schnitzer Steel Industries, Inc., Portland, Oregon.

New deputy chair: David P. White, immediate past chief executive officer and current strategic advisor, Screen Actors Guild (SAG-AFTRA), Los Angeles, California, and current venture partner, Ulu Ventures, Palo Alto, California.

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