Federal Position Descriptions
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Governor

Governor, Federal Reserve System
Responsibility
Management Scope

The board has approximately 1,850 employees.2

Primary Responsibilities

• Conducts the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices
• Supervises and regulates banks and other important financial institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
• Maintains the stability of the financial system and contains systemic risk that may arise in financial markets
• Provides certain financial services to the U.S. government, U.S. financial institutions and foreign official institutions, and playing a major role in operating and overseeing the nation’s payments systems

Strategic Goals and Priorities
[Depends on the policy priorities of the administration]
Requirements

• Advanced degree in economics
• Demonstrated expertise in economic research and economic intelligence, and its implications for monetary policy
• Ability to communicate clearly about monetary policy

Competencies

• Strategic Orientation:  demonstrates complex thinking abilities, incorporating both analytical and conceptual abilities to manage and develop plans and strategies
• Results Orientation: drive for improvement of results demonstrated by a track record of substantially enhancing performance or organizations
• Team Leadership: can focus, align and build effective groups
• Collaboration & Influencing: works effectively with peers, partners and others who are not in the line of command

Past Appointments
  • Janet Yellen (2014 – Present): President and Chief Executive Officer of the Federal Reserve Bank of San Francisco; Chair of the White House Council of Economic Advisers
  • Stanley Fischer (2014 – Present): Governor of the Bank of Israel; Chief Economist at the World Bank
  • Daniel Tarullo (2009 – 2017): Professor of Law at Georgetown University Law Center; Assistant Secretary of State for Economic and Business Affairs
AGENCY

Federal Reserve System

Mission: The Federal Reserve System, often referred to as the Federal Reserve or simply "the Fed," is the central bank of the United States and was created by Congress to provide the nation with a safer, more flexible and more stable monetary and financial system.

COMPENSATION

Level II $179,700 (5 U.S.C. § 5313)1

REPORTS TO

Though Congress sets the goals for monetary policy, decisions of the board about how to reach those goals do not require approval by the president or anyone else in the executive or legislative branches of government.

SENATE COMMITTEE

Banking, Housing and Urban Affairs

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Footnote
  1. The Consolidated Appropriations Act, 2017 (Public Law 115-31, May 5, 2017), contains a provision that continues the freeze on the payable pay rates for certain senior political officials at 2013 levels during calendar year 2017.
  2. 2017 data
This position description was created with the help of Egon Zehnder, a global executive search firm.
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