Federal Reserve Members 2026: Who Serves on the Board and the FOMC?
By NewYork Finance Think Editorial Team
Published: August 8, 2026
Last Updated: August 8, 2026
The Federal Reserve is one of the most closely watched institutions in the United States. Its decisions can influence interest rates, borrowing costs, financial markets, bank lending and economic conditions across the country.
But the Federal Reserve is not run by one person.
The Federal Reserve System includes the Board of Governors in Washington, D.C., 12 regional Federal Reserve Banks and the Federal Open Market Committee, commonly known as the FOMC.
Each part has a different responsibility.
In 2026, the Federal Reserve also experienced an important leadership change. Kevin Warsh became chairman of the Federal Reserve Board on May 22, 2026. Jerome H. Powell remains a member of the Board of Governors, but he is no longer chairman.
Understanding who serves on the Federal Reserve Board and the FOMC can make it easier to understand decisions involving inflation, employment, interest rates and the U.S. economy.
Who Are the Federal Reserve Board Members in 2026?
The Federal Reserve Board of Governors has seven members.
The current members are:
- Kevin Warsh — Chairman
- Philip N. Jefferson — Vice Chair
- Michelle W. Bowman — Vice Chair for Supervision
- Michael S. Barr — Governor
- Lisa D. Cook — Governor
- Jerome H. Powell — Governor
- Christopher J. Waller — Governor
The Board of Governors is the central governing body of the Federal Reserve System.
Its responsibilities extend beyond interest rates. The Board also has important responsibilities involving banking supervision, financial regulation and other parts of the U.S. financial system.
Kevin Warsh: Chairman of the Federal Reserve
Kevin Warsh became chairman of the Federal Reserve Board on May 22, 2026.
The Federal Open Market Committee also unanimously selected him as its chairman.
Warsh previously served as a member of the Federal Reserve Board from 2006 to 2011.
His return to the Federal Reserve brings previous central-bank experience to the chairmanship.
The chairman has a highly visible role in the Federal Reserve. The chair leads meetings of the Board and the FOMC and represents the Federal Reserve in public appearances and congressional testimony.
However, the chairman does not make monetary-policy decisions alone.
Other Board members and Federal Reserve Bank presidents participate in the FOMC process.
Philip N. Jefferson: Vice Chair
Philip N. Jefferson serves as vice chair of the Federal Reserve Board.
He is one of the seven members of the Board of Governors and participates in FOMC discussions.
The vice chair works closely with the chairman on Federal Reserve responsibilities.
Jefferson, like other policymakers, considers a broad range of economic information when evaluating monetary policy.
That includes inflation, employment, economic growth, consumer activity and financial conditions.
Michelle W. Bowman: Vice Chair for Supervision
Michelle W. Bowman serves as the Federal Reserve’s vice chair for supervision.
This position is different from the regular vice chair role.
The vice chair for supervision focuses on important areas involving bank supervision and financial regulation.
Bank supervision is an important part of the Federal Reserve’s work because banks play a central role in the U.S. economy.
Banks provide deposits, loans, payment services and other financial products used by households and businesses.
Michael S. Barr: Federal Reserve Governor
Michael S. Barr is a member of the Federal Reserve Board of Governors.
As a governor, Barr participates in the Board’s discussions and decisions.
The responsibilities of a Federal Reserve governor cover more than monetary policy.
Board members can also be involved in issues concerning banking regulation, financial stability and other areas under the Federal Reserve’s authority.
Lisa D. Cook: Federal Reserve Governor
Lisa D. Cook serves as a member of the Federal Reserve Board.
Cook participates in monetary-policy discussions and other responsibilities of the Board.
Federal Reserve policymakers review a wide range of economic information before making decisions.
They consider inflation, employment, consumer spending, business investment and financial conditions.
A single economic report does not normally determine the Federal Reserve’s next decision.
Instead, policymakers look at broader trends and consider how current conditions could develop over time.
Jerome H. Powell: Former Chairman, Current Governor
Jerome H. Powell remains a member of the Federal Reserve Board of Governors.
He previously served as chairman of the Federal Reserve.
Kevin Warsh became chairman on May 22, 2026.
Powell’s continued position as a Board member is important because readers may see his name in current Federal Reserve records even though he is no longer chairman.
Older articles published before May 22, 2026 may correctly identify Powell as chairman.
Current articles should identify Kevin Warsh as chairman and Powell as a governor.
Christopher J. Waller: Federal Reserve Governor
Christopher J. Waller is a member of the Federal Reserve Board.
Waller participates in monetary-policy discussions and the broader work of the Board.
Like other Federal Reserve policymakers, he evaluates economic conditions and risks when considering monetary policy.
Federal Reserve officials can have different views about the economy even when they are looking at the same economic data.
That is a normal part of monetary-policy decision-making.
What Is the Federal Reserve Board of Governors?
The Board of Governors is the central governing body of the Federal Reserve System.
The Board is based in Washington, D.C., and has seven members.
The Board works with the regional Federal Reserve Banks that make up the broader Federal Reserve System.
This structure gives the Federal Reserve a national perspective while also allowing policymakers to receive information from different parts of the country.
What Are the 12 Federal Reserve Banks?
The Federal Reserve System has 12 regional Federal Reserve Banks.
They are located in:
- Boston
- New York
- Philadelphia
- Cleveland
- Atlanta
- Chicago
- St. Louis
- Richmond
- Minneapolis
- Kansas City
- Dallas
- San Francisco
Each Federal Reserve Bank serves a specific district.
The regional banks gather economic information from businesses, financial institutions and communities in their areas.
That information can help policymakers understand economic conditions that may not be fully visible in national statistics.
Why Do Regional Federal Reserve Banks Matter?
Economic conditions are not the same everywhere in the United States.
Manufacturing may be especially important in one region, while technology, agriculture, energy, tourism or other industries may be more important somewhere else.
Regional Federal Reserve Banks provide policymakers with information about these differences.
Their economic research and contacts with local businesses can help the Federal Reserve develop a more complete picture of the U.S. economy.
Who Are the 2026 Federal Reserve Bank Presidents?
The regional Federal Reserve Banks have their own presidents and chief executive officers.
Among the regional leaders are:
- Susan M. Collins — Boston
- John C. Williams — New York
- Anna L. Paulson — Philadelphia
- Beth M. Hammack — Cleveland
- Thomas I. Barkin — Richmond
- Cheryl Venable — Atlanta, Interim President
- Austan D. Goolsbee — Chicago
- Alberto G. Musalem — St. Louis
- Neel Kashkari — Minneapolis
- Jeffrey R. Schmid — Kansas City
- Lorie K. Logan — Dallas
- Mary C. Daly — San Francisco
These presidents have responsibilities within their individual Federal Reserve districts.
Some also participate directly in national monetary-policy decisions through the FOMC.
John C. Williams and the New York Fed
John C. Williams is president and chief executive officer of the Federal Reserve Bank of New York.
The New York Fed president has a special position within the Federal Reserve System.
The New York Fed president is the permanent vice chair of the FOMC.
The New York Fed also plays an important role in implementing monetary policy in financial markets.
Because New York is one of the world’s largest financial centers, the Federal Reserve Bank of New York closely follows financial-market conditions.
Anna Paulson and the Philadelphia Fed
Anna L. Paulson became president and chief executive officer of the Federal Reserve Bank of Philadelphia on July 1, 2025.
The Philadelphia Fed serves the Third Federal Reserve District.
Paulson is also a voting member of the FOMC in 2026.
Her participation gives the Philadelphia Federal Reserve District a direct voting role in this year’s monetary-policy decisions.
Beth Hammack and the Cleveland Fed
Beth M. Hammack is president and chief executive officer of the Federal Reserve Bank of Cleveland.
The Cleveland Fed serves the Fourth Federal Reserve District.
Hammack is a voting member of the FOMC in 2026.
Her participation gives the Cleveland district a direct role in this year’s monetary-policy decisions.
Neel Kashkari and the Minneapolis Fed
Neel Kashkari is president and chief executive officer of the Federal Reserve Bank of Minneapolis.
The Minneapolis Fed serves the Ninth Federal Reserve District.
Kashkari is a voting member of the FOMC in 2026.
His participation provides the Minneapolis district with a direct vote during this year’s FOMC rotation.
Lorie Logan and the Dallas Fed
Lorie K. Logan is president and chief executive officer of the Federal Reserve Bank of Dallas.
The Dallas Fed serves the Eleventh Federal Reserve District.
Logan is a voting member of the FOMC in 2026.
The Dallas district includes Texas, northern Louisiana and southern New Mexico.
The region provides important information about energy, trade, manufacturing, housing and other areas of economic activity.
Cheryl Venable and the Atlanta Fed
Cheryl Venable is serving as interim president and chief executive officer of the Federal Reserve Bank of Atlanta.
Her position is important to understand because she is serving in an interim capacity rather than as a permanent president.
Federal Reserve records also identify her as an alternate member of the FOMC.
What Is the FOMC?
The Federal Open Market Committee is commonly known as the FOMC.
It is the Federal Reserve body responsible for setting the stance of U.S. monetary policy.
One of its most important responsibilities is setting the target range for the federal funds rate.
The FOMC considers economic and financial information before making policy decisions.
Policymakers look at inflation, employment, economic growth and financial conditions.
They do not base policy decisions on just one economic report.
Who Are the 2026 FOMC Voting Members?
The official 2026 FOMC voting members include:
- Kevin Warsh — Board of Governors, Chairman
- John C. Williams — New York, Vice Chair
- Michael S. Barr — Board of Governors
- Michelle W. Bowman — Board of Governors
- Lisa D. Cook — Board of Governors
- Beth M. Hammack — Cleveland
- Philip N. Jefferson — Board of Governors
- Neel Kashkari — Minneapolis
- Lorie K. Logan — Dallas
- Anna L. Paulson — Philadelphia
- Jerome H. Powell — Board of Governors
- Christopher J. Waller — Board of Governors
The Board members have voting positions on the FOMC, while Reserve Bank presidents participate through the established rotation system.
Why Doesn’t Every Reserve Bank President Vote Every Year?
The Federal Reserve uses a rotation system for the presidents of the regional Reserve Banks.
The seven Board of Governors members are voting members.
The president of the Federal Reserve Bank of New York is also a permanent voting member.
The other Reserve Bank presidents rotate through voting positions.
This structure allows different Federal Reserve districts to participate directly in monetary-policy decisions over time.
Who Are the Alternate FOMC Members in 2026?
The official June 2026 FOMC meeting record identifies these alternate members:
- Thomas I. Barkin — Richmond
- Mary C. Daly — San Francisco
- Austan D. Goolsbee — Chicago
- Sushmita Shukla — New York
- Cheryl L. Venable — Atlanta
An alternate member can participate in FOMC discussions even when that person is not one of the current voting members.
The distinction is primarily related to voting status.
What Is the Federal Funds Rate?
The federal funds rate is the interest rate at which depository institutions lend balances to each other overnight.
The FOMC sets a target range for this rate.
The Federal Reserve does not directly set every interest rate consumers see.
Instead, monetary policy influences broader financial conditions.
Those conditions can affect other interest rates across the economy.
This is why the federal funds rate is closely followed by banks, businesses, investors and consumers.
How Federal Reserve Decisions Can Affect Americans
Federal Reserve policy can eventually affect many parts of everyday financial life.
Credit Cards
Many credit cards have variable interest rates.
Changes in short-term interest-rate conditions can therefore influence the cost of carrying a credit-card balance.
Mortgages
The Federal Reserve does not directly set mortgage rates.
Mortgage rates depend on several factors, including Treasury yields, market expectations and lender conditions.
Federal Reserve policy can nevertheless influence the broader environment in which mortgage rates move.
Auto Loans
Auto-loan rates can also be affected by changes in market interest rates and lending conditions.
Consumers financing a vehicle may therefore pay attention to the broader rate environment.
Savings Accounts
Changes in interest rates can create different opportunities for savers.
However, banks set their own deposit rates, so the rate offered on a savings account does not automatically match the federal funds rate.
Business Loans
Businesses borrow money for equipment, expansion, inventory and other needs.
Changes in borrowing costs can influence business investment decisions.
Why Investors Follow Federal Reserve Members
Investors closely follow Federal Reserve officials because monetary policy can influence financial-market expectations.
Markets often pay attention to:
- FOMC decisions
- Federal Reserve speeches
- Economic projections
- Inflation reports
- Employment reports
- Consumer spending
- Treasury yields
- Financial conditions
- FOMC meeting minutes
A single speech does not necessarily represent a change in Federal Reserve policy.
Officials can discuss economic risks without announcing what they will vote for at a future meeting.
That is why investors generally look at the complete policy picture.
Why Federal Reserve Leadership Changes Matter
Federal Reserve leadership changes can attract considerable attention from financial markets and the public.
The change from Jerome Powell to Kevin Warsh is important because the chairman has a central role in both the Board and the FOMC.
At the same time, the Federal Reserve is an institution rather than an individual.
Other governors and Reserve Bank presidents continue to participate in the policy process.
This means readers should look at the complete group of policymakers instead of focusing on only one person.
Why You Should Check the Date of a Federal Reserve Article
Federal Reserve leadership can change.
Board members can leave office.
Reserve Bank presidents can change.
FOMC voting membership can rotate.
As a result, an article listing “current Federal Reserve members” should always include a clear date.
Information that was accurate six months ago may no longer be current.
This article was reviewed against Federal Reserve records on August 8, 2026.
The Federal Reserve Is More Than Interest Rates
Interest rates are one of the most visible parts of the Federal Reserve’s work.
But the Federal Reserve has many other responsibilities.
These include banking supervision, financial regulation, financial stability, payments infrastructure, economic research and other functions related to the U.S. financial system.
The regional Reserve Banks also provide financial services and conduct economic research within their districts.
Together, these responsibilities make the Federal Reserve one of the most important institutions in the U.S. economy.
The Importance of the New York Fed
The Federal Reserve Bank of New York has a particularly important role.
Its president is a permanent voting member of the FOMC and serves as vice chair.
The New York Fed also plays an important role in implementing monetary policy.
Its location in one of the world’s major financial centers gives the bank a close view of market conditions.
For people following financial markets, the New York Fed is therefore an important source of information.
What Should Americans Watch After an FOMC Meeting?
Readers do not need to follow every economic statistic to understand an FOMC decision.
A few items can provide a useful starting point.
The Rate Decision
Look at whether the FOMC raised, lowered or maintained its target range.
The Policy Statement
Read what policymakers said about inflation, employment and economic activity.
The Chairman’s Press Conference
The chairman’s comments can provide additional context about the decision.
The Meeting Minutes
The minutes provide more detail about the discussion among policymakers.
Economic Data
New inflation and employment information can influence expectations for future decisions.
Looking at these sources together provides a more complete picture than focusing only on the headline interest-rate decision.
Frequently Asked Questions About Federal Reserve Members
Who is the Federal Reserve chairman in 2026?
Kevin Warsh is the Federal Reserve chairman in 2026. He became chairman on May 22, 2026.
Is Jerome Powell still with the Federal Reserve?
Yes. Jerome Powell remains a member of the Federal Reserve Board of Governors, although he is no longer chairman.
How many members are on the Federal Reserve Board?
The Federal Reserve Board of Governors has seven members.
How many Federal Reserve Banks are there?
There are 12 regional Federal Reserve Banks.
Who is the president of the New York Fed?
John C. Williams is president and chief executive officer of the Federal Reserve Bank of New York.
Who is leading the Atlanta Fed in 2026?
Cheryl Venable is serving as interim president and chief executive officer of the Federal Reserve Bank of Atlanta.
Who is the Philadelphia Fed president?
Anna L. Paulson is president and chief executive officer of the Federal Reserve Bank of Philadelphia.
Does every Reserve Bank president vote at every FOMC meeting?
No. The Reserve Bank presidents rotate through voting positions. The New York Fed president is a permanent voting member.
Who is the chairman of the FOMC in 2026?
Kevin Warsh is chairman of the FOMC in 2026.
What does the FOMC do?
The FOMC sets the stance of U.S. monetary policy, including the target range for the federal funds rate.
Final Thoughts
The Federal Reserve is a large institution made up of the Board of Governors, 12 regional Federal Reserve Banks and the Federal Open Market Committee.
In 2026, Kevin Warsh serves as chairman of the Federal Reserve, while Philip N. Jefferson serves as vice chair and Michelle W. Bowman serves as vice chair for supervision.
Michael S. Barr, Lisa D. Cook, Jerome H. Powell and Christopher J. Waller are the other members of the Board of Governors.
The regional Federal Reserve Banks provide economic information and financial services throughout different parts of the United States.
Their presidents also play an important role in the Federal Reserve’s monetary-policy process.
The FOMC brings Board members and selected Reserve Bank presidents together to make decisions about monetary policy.
For American households, these decisions can eventually influence borrowing costs, savings, business financing and financial-market conditions.
Federal Reserve officials will change over time, but the institution’s basic structure is designed to continue beyond any individual chairman or governor.
Understanding that structure makes it easier to follow U.S. monetary policy and the economic decisions that affect Americans.
NewYork Finance Think Editorial Team
The NewYork Finance Think Editorial Team covers the Federal Reserve, U.S. monetary policy, banking, interest rates, inflation, financial markets and the American economy.
Our articles use publicly available government records, Federal Reserve publications and other primary sources. We aim to explain complicated financial subjects in clear and straightforward language for readers in the United States.
Areas of Coverage: Federal Reserve, FOMC, U.S. Banking, Monetary Policy, Interest Rates, Inflation, Financial Markets and the U.S. Economy.
Editorial Approach: Fact-based, source-driven, balanced and reader-focused.
Editorial Note
This article is provided for general informational and educational purposes. It is not individualized investment, financial, tax or legal advice.
Federal Reserve leadership and FOMC membership can change. Readers should check the latest official Federal Reserve records for the most current information.
Sources and Official References
- Federal Reserve Board — About the Federal Reserve
- Federal Reserve Board — Board of Governors
- Federal Open Market Committee — 2026 FOMC Members
- Federal Reserve System — Federal Reserve Banks and Districts
- Federal Reserve — How the Federal Reserve System Is Structured
- Federal Reserve — What Is the FOMC?
- Federal Reserve — Kevin Warsh, Chairman
- Federal Reserve — Kevin Warsh Takes Office as Chairman
- Federal Reserve — The Fed Explained
- Federal Reserve — Purposes and Functions
Official source: Federal Reserve Board of Governors
Federal Reserve Board — Official Website
FOMC:
Federal Open Market Committee — Official Page
Board of Governors:
Federal Reserve Board Members
Federal Reserve System:
Federal Reserve System and 12 Reserve Banks
Kevin Warsh:
Kevin Warsh — Federal Reserve Chairman
2026 Chairman Announcement:
Kevin Warsh Takes Office as Federal Reserve Chairman