Presidential Search

The president of a Federal Reserve Bank is its chief executive officer. The president is responsible for all Reserve Bank activities, including monetary policy, bank supervision, community outreach and development, and payments services and technologies. In addition, the president serves on the Federal Reserve System's monetary policymaking body, the Federal Open Market Committee.

The process for selecting a Federal Reserve Bank president is set forth in the Federal Reserve Act. Subject to the approval of the Federal Reserve Board of Governors, the president is appointed by the Reserve Bank's Class B and C directors (those directors who are not bankers).

To conduct the search, the Reserve Bank's board of directors forms a search committee composed of Class B and C directors. That committee hires a search firm to help identify a broad, diverse, highly qualified candidate pool. The committee considers a large nationwide pool of candidates, both within and outside the Federal Reserve System, who meet the position's qualifications. The search committee interviews a range of potential candidates and forwards to the Board of Governors a list of finalists. The governors also interview the finalists prior to appointment. The Bank's Class B and C directors then formally appoint a candidate, subject to the approval of the Board of Governors.

More information is available on the Federal Reserve Board of Governors' website.

The Philadelphia Fed and the Search Committee invite and encourage public input, nominations, questions, and feedback during the search. We are committed to an open, inclusive search process while maintaining applicant confidentiality. There are several ways to engage:

• Feedback and questions: To ask a question not addressed in the FAQs or to provide input on the desired attributes of the next Philadelphia Fed president, email PresidentialSearch@phil.frb.org. A public town hall was held on October 8, 2024. Watch a recording of the event.
• Applications: You can apply for the role by emailing the search firm, Spencer Stuart, at philfedpresident@spencerstuart.com.

Key milestones, engagement opportunities, and other important information will be shared on this web page, which will be maintained and updated throughout the search process. If you have questions about the search not addressed in the FAQs, please email PresidentialSearch@phil.frb.org.

Members of the news media may contact Daneil Mazone.

The president of a Federal Reserve Bank is appointed for a five-year term. The terms of all the presidents of the 12 District Banks run concurrently and end on the last day of February of years numbered 1 and 6 (for example, 2021 and 2026). The appointment of a president who takes office after a term has begun ends upon the completion of that term. A president of a Reserve Bank may be reappointed after serving a full term or an incomplete term.

Reserve Bank presidents are subject to mandatory retirement at age 65. However, presidents initially appointed after age 55 can, at the option of the board of directors, be permitted to serve until attaining 10 years of service in the office or until age 75, whichever comes first. Patrick T. Harker was appointed as the 11th Philadelphia Fed President on July 1, 2015, and will reach his mandatory retirement date in 2025.

Reserve Bank presidents are subject to the Federal Reserve System Investment and Trading Policy for FOMC Officials, which includes a prohibition on purchasing individual stocks or sector funds; holding investments in individual bonds, agency securities, cryptocurrencies, commodities, or foreign currencies; entering into derivatives contracts; and engaging in short sales or purchasing securities on margin. Additionally, a 45-day nonretractable notice for purchases and sales of securities is required along with obtaining prior approval for such transactions and holding investments for at least one year.

The Federal Reserve Bank of Philadelphia expects its employees to perform their duties with honesty, integrity, and impartiality and without improper preferential treatment of any person. The Bank’s Code of Conduct outlines principles and standards for employee conduct, including rules for avoiding both actual and apparent conflicts of interest.

For more information about our commitment to openness, visit our Governance & Transparency page.