The Federal Reserve Board approved the reappointment of 10 Federal Reserve Bank presidents and 10 first vice presidents on Friday, including the Boston Fed’s Eric Rosengren and Kenneth C. Montgomery.

The New York Fed’s President William C. Dudley and First Vice President Michael Strine were also reappointed to new five-year terms beginning on March 1.

The Federal Reserve Act dictates that all Reserve Bank presidents and first vice presidents serve five-year terms that expire at the end of February in years ending in one or six. Before the expiration of a president’s term, the class B and C directors of each Reserve Bank who are not affiliated with a supervised entity vote on whether to reappoint the president or first vice president to a new term.

The reappointments are based on performance appraisals, including the president’s ability to lead the Reserve Bank and achieve its objectives and the first vice president’s contribution to system initiatives.

Boston, New York Fed Presidents Reappointed To Five-Year Terms

by Banker & Tradesman time to read: 1 min