Dec 11 (Reuters) – The Federal Reserve on Thursday said 11 of its regional bank presidents had been reappointed to their positions with the unanimous agreement of the U.S. central bank’s Board of Governors, wrapping up an ordinarily routine process that had come under heightened scrutiny amid pressure from President Donald Trump and his administration.
Their new five-year terms will begin on March 1, the Fed said in a statement. The reappointments, which were approved by the seven-member Fed board, included each regional bank’s first vice president.
The reappointments covered all of the regional reserve bank presidents except for Atlanta Fed President Raphael Bostic, who previously announced plans to retire early next year. The Atlanta Fed’s first vice president, Cheryl Venable, was reappointed and will serve as acting president until the bank’s board finds a successor.
By law, the reserve bank presidents serve concurrent five-year terms and must undergo a reappointment process near the end of each term. That process this time was concluded by the Fed board earlier than at any time since at least 2006, according to U.S. central bank records.
The re-upping process typically garners little attention, but Trump’s efforts to fire Fed Governor Lisa Cook – a matter now before the Supreme Court – and Treasury Secretary Scott Bessent’s recent criticisms of the reserve bank presidents for being hired from outside their districts had cast a light on it. The unanimous agreement appears to have included Governor Stephen Miran, whom Trump appointed to the Fed board a few months ago after Adriana Kugler resigned unexpectedly.
The regional bank presidents in recent months have formed the core of a wing of Fed policymakers hesitant to cut interest rates further. The reappointment was announced a day after the Fed cut interest rates by a quarter of a percentage point for the third straight meeting. Two of the regional Fed presidents voted against the action on Wednesday in favor of leaving rates unchanged.
The slow pace of rate reductions has riled Trump, who routinely lashes out at the central bank and Fed Chair Jerome Powell for not slashing borrowing costs much more.
(Reporting by Dan Burns; Additional reporting by Ann Saphir in San Francisco; Editing by Paul Simao)
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