Governor, Board of Governors
2026 voter 2027 voter
| Institution | Board of Governors |
|---|---|
| Current role since | July 19, 2022 |
| Term ends | January 31, 2032 |
| Official page | www.federalreserve.gov |
| On X | @federalreserve |
Served as Vice Chair for Supervision from July 19, 2022 to February 28, 2025.
| Meeting | Decision | Vote | Preference |
|---|---|---|---|
| October 28, 2026 | hold 3.75–4.00% | With majority | |
| September 16, 2026 | hike 3.75–4.00% | With majority | |
| July 29, 2026 | hold 3.50–3.75% | With majority | |
| June 17, 2026 | hold 3.50–3.75% | With majority | |
| April 29, 2026 | hold 3.50–3.75% | With majority | |
| March 18, 2026 | hold 3.50–3.75% | With majority | |
| January 28, 2026 | hold 3.50–3.75% | With majority | |
| December 10, 2025 | cut 3.50–3.75% | With majority | |
| October 29, 2025 | cut 3.75–4.00% | With majority | |
| September 17, 2025 | cut 4.00–4.25% | With majority | |
| July 30, 2025 | hold 4.25–4.50% | With majority | |
| June 18, 2025 | hold 4.25–4.50% | With majority | |
| May 7, 2025 | hold 4.25–4.50% | With majority | |
| March 19, 2025 | hold 4.25–4.50% | With majority | |
| January 29, 2025 | hold 4.25–4.50% | With majority | |
| December 18, 2024 | cut 4.25–4.50% | With majority | |
| November 7, 2024 | cut 4.50–4.75% | With majority | |
| September 18, 2024 | cut 4.75–5.00% | With majority | |
| July 31, 2024 | hold 5.25–5.50% | With majority | |
| June 12, 2024 | hold 5.25–5.50% | With majority | |
| May 1, 2024 | hold 5.25–5.50% | With majority | |
| March 20, 2024 | hold 5.25–5.50% | With majority | |
| January 31, 2024 | hold 5.25–5.50% | With majority | |
| December 13, 2023 | hold 5.25–5.50% | With majority | |
| November 1, 2023 | hold 5.25–5.50% | With majority | |
| September 20, 2023 | hold 5.25–5.50% | With majority | |
| July 26, 2023 | hike 5.25–5.50% | With majority | |
| June 14, 2023 | hold 5.00–5.25% | With majority | |
| May 3, 2023 | hike 5.00–5.25% | With majority | |
| March 22, 2023 | hike 4.75–5.00% | With majority | |
| February 1, 2023 | hike 4.50–4.75% | With majority | |
| December 14, 2022 | hike 4.25–4.50% | With majority | |
| November 2, 2022 | hike 3.75–4.00% | With majority | |
| September 21, 2022 | hike 3.00–3.25% | With majority | |
| July 27, 2022 | hike 2.25–2.50% | With majority |
Source: FOMC statements, federalreserve.gov. From June 2026 the statements name only dissenters; majorities are inferred from the voting roster.
September 29, 2026 SpeechHawkish
Detroit Economic Club, Detroit, Michigan.
Significant monetary policy tightening by the FOMC, along with an easing of supply constraints, helped lower inflation, and by early 2025 it was running close to our objective. Tariff increases in April of that year pushed up goods prices, but at the time it was reasonable to forecast that tariffs would be a one-time increase in prices.
September 23, 2026 SpeechHawkish
At "Housing Affordability 2026: A Community Development Summit," hosted by the Federal Reserve Bank of Chicago, Chicago, Illinois.
The FOMC took important action to that end last week by increasing the policy rate, which I supported. In my view, given changes to the economy, we were out of position, and we made an adjustment in the right direction.
September 1, 2026 SpeechHawkish
Second-Chance Lending Forum, Developing Evidence-Based Policy on Creditworthiness and Criminal History, Washington, D.C..
However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates.
July 14, 2026 Speech
At "Next-Gen Financial Inclusion," the third annual Financial Inclusion Conference hosted by the Federal Reserve Board.
AI, like past major technological advances, will shape the labor market and the broader economy in myriad ways. It is unclear whether AI will reduce or increase income and wealth inequality, but society can begin making choices now that can affect that outcome.
June 6, 2026 Speech
At American University, Washington, D.C..
Unemployment reached 10 percent in the Global Financial Crisis and 8 percent in the early 1990s recession, a period of persistent low growth and high inflation that was partly related to the consequences of the savings and loan crisis.
May 20, 2026 Speech
At EMERGE Financial Health 2026 Scaling Progress, Shaping the Future, Atlanta, Georgia.
A case study released at this conference last year included data indicating that financially healthy customers might cost less to serve: they used customer service centers less frequently and fell delinquent on loans at lower rates. This kind of operational efficiency, combined with increased deposits and usage of other services, suggests that helping customers achieve financial health need not just be good for consumers—it can also be good for the bottom line.
May 14, 2026 Speech
Money Marketeers of New York University, New York, New York.
In my judgment, the Treasury should determine the maturity composition of debt held by the public, and in normal times, our balance sheet should mirror the maturity distribution of outstanding issuance to the extent possible, thus having a neutral effect on the composition of securities available to the public over time. We are moving in this direction now.
April 14, 2026 Speech
At Strengthening America's Economy through Rural Investment: A Working Forum, Washington, D.C..
While monetary policy affects the whole country, understanding how those policies transmit through rural labor markets, rural small businesses, and agricultural economies contributes to broad-based, inclusive growth.
March 31, 2026 Speech
At "The GENIUS Act in Practice: Key Questions for Stablecoin Regulation," The Federalist Society, Washington, D.C..
March 26, 2026 SpeechHawkish
Brookings Institution, Washington, D.C..
As you know, the Federal Open Market Committee (FOMC) met last week and chose to maintain the current setting of monetary policy—a decision I supported. The U.S. economy has thus far remained resilient, despite having experienced a series of shocks over the past year.
March 24, 2026 SpeechHawkish
2026 National Community Investment Conference, Phoenix, Arizona.
While I am hopeful that inflation will fall as the effects of tariffs on prices wane later this year, I would like to see evidence that goods and services price inflation is sustainably retreating before considering reducing the policy rate further, provided labor market conditions remain stable. Moreover, the conflict in the Middle East raises additional risks.
February 17, 2026 SpeechHawkish
New York Association for Business Economics, New York, New York.
I would like to see evidence that goods price inflation is sustainably retreating before considering reducing the policy rate further, provided labor market conditions remain stable. Based on current conditions and the data in hand, it will likely be appropriate to hold rates steady for some time as we assess incoming data, the evolving outlook, and the balance of risks.
November 21, 2025 Speech
2025 National College Fed Challenge Finals, Federal Reserve Board, Washington, D.C..
We will apply our understanding of how monetary policy influences the economy to render our best judgment of the policy stance that will most effectively further the Federal Reserve's dual mandate, as set out by Congress, to promote maximum employment and stable prices. Often the answer to the policy questions in front of us at this table is not clear.
November 18, 2025 Speech
Alan Meltzer Speaker Series, Kogod School of Business, American University, Washington, D.C..
According to the Federal Reserve Bank of Chicago, Michigan's unemployment rate was 14.9 percent in 2009, meaning one in seven workers were out of jobs. Nationwide, the consequences were immense: nearly 9 million jobs lost, 8 million homes foreclosed upon, and a $17 trillion loss in household wealth.
November 11, 2025 SpeechDovish
Singapore Fintech Festival, Singapore.
As I have discussed in previous remarks, if these changes are significant, they can also affect the conduct of monetary policy. Of course, it may be the case instead that investment exceeds short-term demand, in which case there may be losses and adjustments to the AI sector.
October 23, 2025 SpeechDovish
2025 Fall New Markets Tax Credit Conference, New Orleans, Louisiana.
October 22, 2025 SpeechDovish
Crossing the Credit Barrier: Advancing Access and Creating Opportunities Conference, St. Louis, Missouri (via pre-recorded video).
October 22, 2025 Speech
Opportunity Finance Network Conference, Washington, D.C. (via pre-recorded video).
October 16, 2025 SpeechDovish
At 2025 D.C. Fintech Week, Washington, D.C..
Moreover, banks have ready access to the discount window, where they can readily monetize assets on their balance sheets at a pre-specified interest rate under a range of market conditions, including the most dire. I don't want to say this system is perfect—it definitely is not—but it is far more robust than what we have developed so far for stablecoins.
October 9, 2025 SpeechDovish
Economic Club of Minnesota Luncheon, Golden Valley, Minnesota.
In balancing and managing these risks to the FOMC's goals, I supported the Committee's decision on September 17 to lower the federal funds rate by 25 basis points. Monetary policy was and remains modestly restrictive, so it seemed to me appropriate to move the rate a bit closer toward neutral, pending more data and further developments on the economy, the forecast, and the balance of risks.
October 8, 2025 Speech
Center for Indian Country Development Tenth Anniversary and Data Summit, Minneapolis, Minnesota.
As members of the Federal Open Market Committee, my colleagues and I decide on the appropriate setting for monetary policy. In this role, it's vital that we understand how a variety of individuals, institutions, and communities experience the economy.
October 8, 2025 Speech
2025 Community Banking Research Conference, St. Louis, Missouri.
September 25, 2025 Speech
Peterson Institute for International Economics, Washington, D.C..
Some parts of the scenario design framework are purposely countercyclical under normal conditions—for instance, the minimum peak unemployment rate is set at 10 percent. The countercyclicality of stress test scenarios is an attempt to lean against pro-cyclical effects that can make borrowers appear overly resilient in good times, something which could cause the model to significantly understate the magnitude of borrower defaults when the economy turns.
July 16, 2025 Speech
At The Brookings Institution, Washington, D.C..
At the same time, both S&Ls and banks were increasingly under pressure due to both high inflation and high interest rates, which disrupted their funding models. Competition for customer funds increased dramatically, especially because of the rise of money market mutual funds, which had grown rapidly.
July 15, 2025 SpeechDovish
At "Unleashing a Financially Inclusive Future," the second annual Financial Inclusion Conference hosted by the Federal Reserve Board, Washington, D.C..
June 26, 2025 Speech
Policy Summit 2025: Building Strong and Sustainable Communities, hosted by the Federal Reserve Bank of Cleveland, Cleveland, Ohio.
Looking forward, however, I expect tariffs will put upward pressure on inflation. Higher short-term inflation expectations, supply chain adjustments, and second-round effects may cause some inflation persistence.
June 24, 2025 SpeechDovish
At a Fed Listens event hosted by the Federal Reserve Bank of Kansas City, Omaha, Nebraska.
Looking forward, however, I expect inflation to rise due to tariffs. Higher short-term inflation expectations, supply chain adjustments, and second-round effects may cause some inflation persistence.
May 15, 2025 Speech
2025 Northeast / Mid-Atlantic Small Business Credit Symposium, Federal Reserve Bank of New York, New York, New York (via pre-recorded video).
In my view, the economy is on solid footing, with solid growth, low and stable unemployment, and inflation continuing to come down towards our 2 percent target. But the outlook has been clouded by trade policies that have led to an increase in uncertainty, contributing to declines in measures of consumer and business sentiment.
May 9, 2025 SpeechDovish
Reykjavík Economic Conference 2025, Central Bank of Iceland, Reykjavík, Iceland.
Another related consideration relevant for monetary policy is how economic changes due to AI will affect the neutral interest rate, or r*, which is the level of the real interest rate consistent with the economy being at its potential and inflation being at our 2 percent objective. Economic theory suggests that a permanently higher growth rate of productivity, of the kind that might arise under either AI scenario, tends to raise r*.
April 17, 2025 Speech
Federal Reserve Bank of New York, New York, New York.
April 4, 2025 Speech
Federal Reserve Bank of San Francisco, San Francisco, California.
March 24, 2025 Speech
At The Aspen Institute, Washington, D.C..
For instance, instead of providing familiar metrics like an Annual Percentage Rate (APR) or an interest rate, some nonbank providers present a factor rate—a fundamentally different metric that cannot be directly compared to an APR or interest rate. The research identified a lender's website that advertised a "factor rate of 1.15" which translated to an undisclosed estimated APR of approximately 70 percent.
February 27, 2025 Speech
At Alliance for Innovative Regulation, Washington, D.C..
February 25, 2025 SpeechHawkish
At Yale School of Management, Program on Financial Stability, New Haven, Connecticut.
I have spoken previously about how monetary policy and financial stability are inextricably linked and how the tools we use to conduct monetary policy and support financial stability work together.
February 20, 2025 Speech
At Georgetown University Law Center, Washington, D.C..
In this role, I'll continue to participate in monetary policy deliberations and vote on matters before the Board, including those related to supervision and regulation.
February 18, 2025 Speech
Council on Foreign Relations, New York, New York.