The Federal Reserve announced the reappointment of presidents and first vice presidents for its regional Reserve Banks, following a review process by each bank’s board of directors and unanimous approval from members of the Federal Reserve Board. The current five-year terms for these leadership positions are set to expire on February 28, 2026, with new terms beginning March 1, 2026.
By law, all Reserve Bank presidents and first vice presidents serve five-year terms. In December 2024, the boards of directors for each Reserve Bank began evaluating their respective president and first vice president across several performance areas. For first vice presidents, assessments focused on their role as chief operating officer, including management of local operations and system-wide initiatives.
As part of the assessment process, input was gathered from civic and industry leaders within each district. The Federal Reserve Board then reviewed these evaluations before making final decisions regarding reappointments.
Raphael W. Bostic previously announced his retirement as president of the Federal Reserve Bank of Atlanta at the end of his current term. Additionally, Shonda S. Clay has been approved to begin serving as first vice president at the Federal Reserve Bank of Chicago starting March 1, 2026, following Ellen Bromagen’s retirement from that position.
