# Federal Reserve System Tree An ASCII-art map of the **Federal Reserve System** — the seven-seat Board of Governors, the twelve regional Reserve Banks by district, and the Federal Open Market Committee (FOMC) with its 2026 voting rotation. Leadership reflects the system **as of July 7, 2026**, six weeks into the Warsh chairmanship and mid-litigation over the attempted removal of a sitting governor. → **[[Monetary Policy Transmission Flow]]** — the process companion to this map: what happens *after* the FOMC votes, from the administered rates out to prices and jobs. Companion to the [[Executive Branch Org Chart]] — the Fed appears there as one line under "independent regulatory commissions"; this map unpacks that line into the full three-layer structure. The canonical prose page is [[Federal Reserve]]; the policy machinery is explained at [[Monetary Policy]] and [[The Banking System]]. > [!note] How to read this chart > **★** marks a **2026 FOMC voter** (all seven governors vote every year; the New York Fed president votes permanently; four of the other eleven regional presidents vote on an annual rotation). **(interim)** marks a leader serving pending a permanent appointment. Reserve Banks are listed by **district number**. Bracketed notes flag mid-term changes and active litigation. ``` THE FEDERAL RESERVE SYSTEM — STRUCTURE & LEADERSHIP (as of July 7, 2026) │ Board of Governors + Federal Open Market Committee + 12 regional Reserve Banks │ ★ = votes on the FOMC in 2026 (interim) = pending a permanent appointment │ ■ FEDERAL RESERVE SYSTEM (est. Federal Reserve Act, 1913 · independent within government) │ ├─◆ BOARD OF GOVERNORS (7 seats · 14-year staggered terms · Senate-confirmed · for-cause removal only) │ ├─ Chair ★ ........................ Kevin Warsh [sworn in May 22, 2026; chair term to May 2030] │ ├─ Vice Chair ★ ................... Philip Jefferson │ ├─ Vice Chair for Supervision ★ ... Michelle Bowman │ ├─ Governor ★ ..................... Michael Barr │ ├─ Governor ★ ..................... Lisa Cook [removal blocked — SCOTUS 5–4, Jun 29, 2026] │ ├─ Governor ★ ..................... Jerome Powell [stayed on after chairmanship — first ex-chair │ │ to remain since Marriner Eccles, 1948] │ └─ Governor ★ ..................... Christopher Waller │ ├─◆ FEDERAL OPEN MARKET COMMITTEE (FOMC) (12 votes: 7 governors + New York + 4 rotating presidents) │ ├─ Chair .......................... Kevin Warsh (the Board chair, by tradition) │ ├─ Vice Chair ..................... John C. Williams (New York Fed president — permanent seat) │ ├─ 2026 rotating voters ........... Cleveland · Philadelphia · Dallas · Minneapolis │ └─ Sets the federal funds rate target · directs open-market operations · QE / QT │ └─◆ THE 12 REGIONAL FEDERAL RESERVE BANKS (by district · presidents chosen by district boards, │ approved by the Board of Governors) ├─ 1st BOSTON ............ Susan Collins ├─ 2nd NEW YORK ★ ........ John C. Williams [permanent FOMC vote · runs the open-market desk] ├─ 3rd PHILADELPHIA ★ .... Anna Paulson [took office Jul 2025] ├─ 4th CLEVELAND ★ ....... Beth Hammack ├─ 5th RICHMOND .......... Tom Barkin ├─ 6th ATLANTA ........... Cheryl Venable (interim) [R. Bostic retired Feb 28, 2026; search under way] ├─ 7th CHICAGO ........... Austan Goolsbee ├─ 8th ST. LOUIS ......... Alberto Musalem ├─ 9th MINNEAPOLIS ★ ..... Neel Kashkari ├─ 10th KANSAS CITY ....... Jeff Schmid ├─ 11th DALLAS ★ .......... Lorie Logan └─ 12th SAN FRANCISCO ..... Mary Daly ``` ## Notes Mid-term changes and live fights captured above (as of July 7, 2026): - **The chair handoff** — [[Kevin Warsh]] was confirmed 54–45 on May 13, 2026 and sworn in as the 17th Fed Chair on May 22, succeeding [[Jerome Powell]]. He chaired his first FOMC meeting June 16–17, 2026. - **Powell stays** — Powell's separate 14-year term as a *governor* runs to January 2028, and he announced (April 29, 2026) he would remain on the Board after his chairmanship ended — the first outgoing chair to do so since Marriner Eccles in 1948. The move denies the administration an extra board seat to fill. - **The Cook removal fight** — President Trump moved to fire Governor [[Lisa Cook]] in August 2025. On June 29, 2026, the Supreme Court ruled 5–4 in [[Trump v. Cook]] that the firing was unconstitutional, leaving Cook in her seat while the case proceeds below. The ruling is the sharpest test yet of the Fed's for-cause removal protection. - **Atlanta vacancy** — Raphael Bostic retired February 28, 2026; First Vice President Cheryl Venable leads the Atlanta Fed on an interim basis while a national search continues. - **Reappointments** — In December 2025 the Board renewed new five-year terms (from March 1, 2026) for the other eleven Reserve Bank presidents. Structural notes: - **Three layers, three jobs.** The Board of Governors writes regulation and supervises the banking system; the FOMC sets the interest-rate target and conducts open-market operations; the Reserve Banks run the discount window, the payments plumbing, bank examinations, and district research. - **The FOMC rotation.** All twelve Reserve Bank presidents attend and speak at every FOMC meeting, but only five vote: New York always, and four others on a one-year rotation. In 2026 the votes sit with Cleveland, Philadelphia, Dallas, and Minneapolis. - **Quasi-public design.** The Reserve Banks are technically corporations whose member commercial banks hold stock — a 1913 compromise between a government central bank and private clearinghouses. Their presidents are chosen by district boards of directors, subject to Board of Governors approval, not by the president of the United States. - **Names inside the code fence are plain text** (code blocks don't render links); the people with vault pages are linked in these notes instead. ## See also - [[Federal Reserve]] — the canonical agency page (history, independence fight, Warsh chairmanship) - [[Federal Open Market Committee]] — the rate-setting committee unpacked - [[Financial System Hub]] — the institutional map this tree plugs into - [[Monetary Policy]] · [[The Banking System]] · [[Federal Funds Rate]] — how the machinery works - [[Federal Reserve Act]] — the 1913 founding statute - [[Trump v. Cook]] — the removal-power case now defining Fed independence - [[Executive Branch Org Chart]] · [[Congressional Committees Tree]] · [[Federal Judiciary Tree]] · [[Intelligence Community Tree]] — the sibling structural maps - [[Federal Agencies Hub]] · [[Independent Regulatory Commissions Hub]] — parent indexes