Vice Chair, Board of Governors
2026 voter 2027 voter
| Institution | Board of Governors |
|---|---|
| Current role since | September 13, 2023 |
| Term ends | January 31, 2036 |
| Official page | www.federalreserve.gov |
| On X | @federalreserve |
Vice Chair of the Board since September 13, 2023 for a four-year term. Board member since May 23, 2022; seat expires January 31, 2036. The FOMC's own Vice Chair is the New York president.
| 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 | |
| June 15, 2022 | hike 1.50–1.75% | With majority |
Source: FOMC statements, federalreserve.gov. From June 2026 the statements name only dissenters; majorities are inferred from the voting roster.
October 1, 2026 SpeechHawkish
Darden School of Business, University of Virginia, Charlottesville, Virginia.
However, if the AI buildout supports even stronger economic growth than in my baseline forecast, the unemployment rate may fall further, resulting in tighter labor market conditions.
September 22, 2026 Speech
2026 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York, New York.
The discount window also helps respond to sudden tightening in money markets, supporting the Federal Reserve's monetary policy implementation and complementing the standing repo operations in relieving funding market pressures. When pressures emerge in money markets, banks can turn to the discount window rather than borrowing at rates above the Federal Reserve's target range.
July 16, 2026 SpeechHawkish
Stanford Institute for Economic Policy Research, Stanford University, Stanford, California.
That said, in a scenario where actual inflation does not start to cool down soon, I believe that it could be appropriate to reconsider our current policy stance to ensure we fulfill our commitment to deliver price stability. Fortunately, our current policy stance leaves us well positioned to respond to economic developments based on the incoming data, the evolving outlook, and the balance of risks.
May 27, 2026 Speech
2026 Bank of Japan-Institute for Monetary and Economic Studies Conference, Tokyo, Japan.
I am firmly committed to returning inflation to the Federal Open Market Committee's (FOMC) 2 percent target, aligned with our dual-mandate objectives of price stability and maximum employment given to us by Congress. At our last meeting, in late April, the FOMC decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.
April 7, 2026 Speech
College of Business Administration, University of Detroit Mercy, Detroit, Michigan.
Last month, I supported the Federal Open Market Committee's decision to hold the target range for the federal funds rate steady. As you can see in figure 8 , over the past year and a half, the Committee lowered the target range for the policy rate 175 basis points.
March 26, 2026 Speech
Global Perspectives Speaker Series, Federal Reserve Bank of Dallas, Dallas, Texas.
Last week, I supported the FOMC's decision to hold the target range for the federal funds rate steady. As you can see in Figure 6 , over the past year and a half, the Committee lowered the target range for the policy rate 175 basis points.
February 6, 2026 Speech
Brookings Institution, Washington, D.C..
Monetary Policy After assessing the current state of the economy, and reflecting my cautious optimism, I supported the FOMC's decision last week to maintain the federal funds rate at the current level. Over the last year and a half, the Committee lowered the target range for the policy rate by 175 basis points.
January 16, 2026 Speech
American Institute for Economic Research, Shadow Open Market Committee, and Florida Atlantic University Conference, Boca Raton, Florida.
While I do not want to prejudge the decision that will take place there, in my view, the current policy stance leaves us well positioned to determine the extent and timing of additional adjustments to our policy rate based on the incoming data, the evolving outlook, and the balance of risks.
November 21, 2025 SpeechDovish
2025 Federal Reserve Bank of Cleveland Financial Stability Conference, Cleveland, Ohio.
First, I will build on remarks I gave earlier this month and discuss how I see AI affecting the economy through the lens of the dual mandate given to the Federal Reserve by Congress to pursue maximum employment and price stability. Next, I will discuss AI in the context of financial stability because a stable and resilient financial system is, of course, critical to achieve that dual mandate.
November 17, 2025 SpeechDovish
Federal Reserve Bank of Kansas City, Kansas City, Missouri.
Monetary Policy Given that outlook, I supported last month's decision to reduce our policy rate by 1/4 percentage point. That step was appropriate because I see the balance of risks as having shifted in recent months as downside risks to employment have increased.
November 7, 2025 SpeechDovish
At Euro20+, Deutsche Bundesbank, Frankfurt, Germany.
Labor Market and Prices When I think about this technology, I consider how it will affect both sides of the Fed's dual mandate of promoting maximum employment and stable prices. As such, it is something that economists and policymakers must monitor.
October 3, 2025 SpeechDovish
Drexel Economic Forum, Drexel University LeBow College of Business, Philadelphia, Pennsylvania.
To balance the risk of persistent above-target inflation and the risk of a deteriorating labor market, I supported a 25 basis point cut in our target range at the last FOMC meeting. This change moved our policy rate closer to a more neutral stance while maintaining a balanced approach to promoting our dual-mandate objectives.
September 30, 2025 SpeechDovish
At "Monetary Policy in the Shadow of Geopolitical Tensions and Trade Conflicts," the fourth International Monetary Policy Conference hosted by the Bank of Finland, Helsinki, Finland.
To balance the risk of persistent above-target inflation and the risk of a deteriorating labor market, I supported a 25 basis point cut in our target range at the last FOMC meeting. This change moved our policy rate closer to a more neutral stance while maintaining a balanced approach to promoting our dual-mandate objectives.
May 19, 2025 SpeechDovish
At "Financial Intermediation in Transition: How Will Policy Adapt?" 2025 Financial Markets Conference, sponsored by the Federal Reserve Bank of Atlanta, Fernandina Beach, Florida.
Providing liquidity at this rate supports the implementation of monetary policy because institutions can turn to the Fed if conditions tighten in money markets that might otherwise push overnight money market rates above levels that would be consistent with the Fed's target range. As I noted earlier, primary credit also helps deal with idiosyncratic funding challenges that banks might be experiencing.
May 14, 2025 SpeechDovish
Annual Conference of Second District Directors and Advisors, Federal Reserve Bank of New York, New York, New York.
Monetary Policy Last week I supported the FOMC's decision to hold the federal funds rate at current levels as the best policy to achieve our dual mandate of maximum employment and price stability. As you can see in figure 8 , the FOMC acted last year to reduce the policy rate by a full percentage point.
April 22, 2025 Speech
Economic Mobility Summit, hosted by the Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania.
I think that a society with relatively higher mobility may allow for more efficient transmission of monetary policy. In a dynamic economy with relatively more upward mobility, individuals may have greater incentives to be proactive in the job market.
April 3, 2025 SpeechDovish
At "Financial Intermediaries, Markets, and Monetary Policy," a conference sponsored by the Federal Reserve Bank of Atlanta and the University of Virginia Darden School of Business, Atlanta, Georgia.
These conditions led me to favor holding the policy rate constant at what I view as a moderately restrictive level.
February 21, 2025 SpeechHawkish
Macroeconomics and Monetary Policy Conference, Federal Reserve Bank of San Francisco, San Francisco, California.
Policymakers know that their communications are likely to affect the course of short-term interest rates, other asset prices, and the associated economic outlook, resulting in an easing or tightening of financial conditions. Therefore, policymakers have always paid close attention to what they say, well before market participants started applying artificial intelligence tools to central bank communications.
February 19, 2025 Speech
Martin H. Crego Lecture in Economics, Vassar College, Poughkeepsie, New York.
While a cumulative cut in the policy rate by 100 basis points last year has brought the stance of monetary policy closer to a neutral setting, monetary policy continues to be restrictive. I believe that, with a strong economy and a solid labor market, we can take our time to assess the incoming data to make any further adjustments to our policy rate.
February 5, 2025 SpeechHawkish
At Swarthmore College, Swarthmore, Pennsylvania.
In December 2019, the median Federal Open Market Committee (FOMC) participant expected the aggregate unemployment rate to remain below 4 percent through the end of 2022 while inflation was expected to move back up to the Committee's 2 percent objective. Had this long, non-inflationary expansion continued as the Committee forecast, gaps in employment and earnings across groups may have continued to narrow as well.
February 4, 2025 SpeechDovish
Economics Department Special Lecture, Lafayette College, Easton, Pennsylvania.
Given current economic conditions—specifically, inflation that remains modestly above our target and a labor market that is solid—and my projections of future economic conditions, I voted last week to maintain our current policy stance. As long as the economy and labor market remain strong, I see it as appropriate for the Committee to be cautious in making further adjustments.