Board of Governors of the Federal Reserve System
Federal Reserve System is a body of the central bank in the United States. Seven governors govern it. However, the body has been operating with five governors for the past few years. It is the mandate of the president of the United States to appoint the governors. Some new names that have been selected awaiting confirmation by the senate are Christopher Waller and Judy Shelton. The current serving governors include Jerome H. Powell, who is the chair with Richard H. Clarida, and Randal K. Quarles serving as his vice-chair and Other members are Michelle W. Bowman and Lael Brainard. These members have different education and work experience, although some experiences are similar in some members. This essay will focus on the education and working experience of the federal reserve system’s current board of governors.
Education and work experience
Jerome H. Powell
Jerome H. Powell is the chair of the board of governors at the Federal Reserve System. He assumes the office in 2018 for a four-year term but will be a member of the governors’ board until 2028. In 1975, Powell graduated with a bachelor’s degree in politics from Princeton University. In 1979, he earned a degree in law at Georgetown University, where he worked as chief editor to Georgetown Law Journal. Before he was chosen to serve in the governors’ board, he was attaining a scholar at Bipartisan Policy Center, where he was learning to gain more knowledge on federal and state fiscal issues.
Powell serves at the federal open market committee. Under President George Bush, he served as assistant secretary in the department treasury. He has also worked as an investment banker and lawyer in New York City. Further, Powell has served as a member of the board in charitable institutions such as Bendheim Center for Finance located at Princeton University. He also worked at nature conservancy in Washington D.C. Powell has served in many posts that make him fit for the job. His experience in educational and financial matters has been received due to long work experience. He is experienced in finance meters and law issues, making him have in-depth knowledge of banking issues.
Richard H. Clarida
Clarida is the vice-chair in the board of governors of the Federal Reserve System. He assumed office in 2018 with his term ending in 2022. Clarinda attended two universities to gain education on economic and finance. He attended the University of Illinois and graduated with a bachelor’s degree in economics in 1979 and obtained his master’s and a doctorate in economics in 1984 from Harvard University. Clarida served at the University of Columbia as a professor in economics and international and public affairs. Before teaching at the university, he was the chairman of the economic department at the university.
From 2002 to 2003, Clarida served as the assistant secretary in the United States treasury for economic policy. Under this, he worked as the economic advisors to the secretaries in the treasury. His services were recognized by an award of treasury medal, which he received upon the expiry of his term. Clarida has also served as a senior economist in the council of economic advisors. This happened under President Reagan. From 2006 to 2018, he worked as a global strategist advisor at PIMCO. Currently, he is also a member of the foreign affairs council. He had also served in the National Bureau of Economic Research between 1983 and 2018. From 2004 to 2018, he served at NBER International Macroeconomics Annual as a coeditor.
Randal K. Quarles
Quarles is a vice-chair to the board of governors in the Federal Reserve System. He assumed the office in 2017 with his term as a member expiring in 2032. His term as a vice-chair for supervision, which he took in 2017, expires in 2021. He graduated with a degree in philosophy and economics from Columbia University. In 1984, he earned a law degree from Yale law school. His educational experience makes him fit for this position at the Federal Reserve System.
Before his appointment, he worked as the founder and director of Cynosure Group, an investment firm. He had also worked as a partner in Carlyle Group, which is private equity from in Washington D.C. from 2005 to 2006, he worked as undersecretary in the treasury department. He also worked as an assistant secretary in the international affairs department. Before joining the treasury department, he worked as executive director in the International Monetary Fund in the United States. Between 1991 and 1993, he was the assistant secretary of the treasury for bank legislation. During the same period, he also served as the deputy assistant secretary of the treasury for financial institutions. Lastly, he served as a partner to Davis, Polk & Wardwell in London and New York offices. His experience in various monetary institutions makes him have enough experience in banking services.
Michelle W. Bowman
Bowman has been a member of the board of governors of the Federal Reserve System from 2018. Her term will expire in 2034. She attended two universities acquiring two degrees in different fields. She attended the University of Kansas, where she graduated with a degree in advertising and journalism. Later, she attended Washburn University and graduated with a degree in law. In addition to her academic experience, she joined the New York Bar Association, where she is a member.
Before Bowman was appointed the board member, she worked at a state bank in Kansas as a commissioner. Between 2010 and 2017, she worked at Farmers & Drovers Bank, located at Kansas as a vice president. From 1995 to 1996, she worked at Sen. Bob Dole of Kansas, where she later worked at the U.S. House Committee of Transport and Infrastructure as a counsel. Bowman served the same position at Committee on Government Reform and Oversight from 1997 to 2002. At the Federal Emergency Management Agency, she worked in congressional and intergovernmental affairs as the director. Later, Bowman worked at Homeland Security Secretary Tom Ridge as a policy advisor and deputy secretary assistant. She was a leader in the federal government working in government and public affairs consultancy.
Lael Brainard
Dr. Brainard is a member of the board of governors of the Federal Reserve System. She has been a member since 2014, with her term expiring in 2026. In 1983, she got B.A., university honors from the Wesleyan University. In 1989 she got Ph.D. in economics from the University of Harvard and received M.S. from the same university during the same year. Dr. Brainard was awarded an honor in the National Science Foundation Fellowship and currently serving as a White House Fellowship Recipient. She worked as an associate professor at the Massachusetts Institute of Technology’s Sloan School of Management, handling applied economic. With more experience in economics, she has printed a lot of books about economics topics and has been an editor of many articles.
Between 2010 and 2013, Dr. Brainard worked at U.S. Department of the Treasury as the undersecretary. During this time, she represented U.S. at the G-20 and G-7 finance deputy. She participated as a member of the financial stability board. Following all these services, she receives the Alexander Hamilton Award. Between 2001 and 2008, she was the founding director of the Global Economy and Development Program situated at Brookings institution, where she also served as a vice president. While serving here, she came up with a research program addressing various economic challenges facing countries globally. She worked as a representative to President Clinton at G-7/G-8. Dr. Brainard also worked as a national economic advisor to the president.
The education and work experience is vital for all boards of government at the Federal Reserve System. Currently, there are only five members, while two positions are vacant. However, President Donald Trump has made a step ahead and appointed Christopher Waller and Judy Shelton to fill the two vacant positions. Christopher Waller is currently the director and vice president of the Federal Reserve Bank located at St. Louis. Waller attended Washington State University and earned a Ph.D. in economics in 1985. He also received an M.A. in Economics in 1984 from the same university and got B.S. Economics from Bemidji State University in 1981. Judy Shelton, on the other hand, is currently working as president Trumps’ economic advisor. She got her Ph.D. in business administration from the University of Utah. She also attended the Portland state university and graduated with a Bachelor of Science in Education.
References
Jerome H. Powell, Chair. (nd). Board Members. Retrieved from https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm
Richard H. Clarida, Vice-Chair. (nd). Board Members. Retrieved from https://www.federalreserve.gov/aboutthefed/bios/board/clarida.htm
Randal K. Quarles, Vice Chair for Supervision. (nd). Board Members. Retrieved from https://www.federalreserve.gov/aboutthefed/bios/board/quarles.htm
Michelle W. Bowman. (nd). Board Members. Retrieved from https://www.federalreserve.gov/aboutthefed/bios/board/bowman.htm
Lael Brainard. (nd). Board Members. retrieved from https://www.federalreserve.gov/aboutthefed/bios/board/brainard.htm
Christopher J. Waller. (nd). Economic research: Federal Reserve Bank of S.T. Louis. Retrieved from https://research.stlouisfed.org/econ/waller/sel/
Dr. Judy Shelton (Chairman). (nd). National Endowment for Democracy. Retrieved from https://www.ned.org/experts/dr-judy-shelton-chairman/