Who has to leave the Federal Reserve next?
The leadership of the Federal Reserve has undergone substantial turnover in the past decade, both at the Board of Governors in Washington and at the 12 regional Fed banks.
过去十年，美联储的领导层经历了大幅更替，无论是在华盛顿的理事会还是在 12 家地区联储银行。
Kevin Warsh took office as chair on May 22, 2026 for a four-year term that ends May 21, 2030.
凯文·沃什 (Kevin Warsh) 于 2026 年 5 月 22 日就任主席，任期四年，至 2030 年 5 月 21 日结束。
He succeeds Jerome Powell in that post.
他接替杰罗姆·鲍威尔担任该职务。
By law, the Fed chair must be separately confirmed as a member—often called a governor—of the seven-person Federal Reserve Board.
根据法律规定，美联储主席必须单独确认为由七人组成的美联储委员会的成员（通常称为理事）。
Warsh was confirmed for a seat on the Board for a term that runs until 2040, replacing Trump appointee Stephen Miran .
沃什被确认担任董事会成员，任期至 2040 年，接替特朗普任命的斯蒂芬·米兰 (Stephen Miran)。
( Warsh previously served as a Fed governor from 2011 to 2016.) Powell, whose term as a governor runs until January 2028, has said he will stay on the Board “for a period of time to be determined” and until an investigation into his handling of the Fed’s headquarters construction project is “well and truly over, with transparency and finality.”
（沃什此前曾于 2011 年至 2016 年担任美联储理事。）鲍威尔的任期将持续到 2028 年 1 月，他表示，他将“在一段待定的时间内”留在美联储理事会，直到对其处理美联储总部建设项目的调查“真正结束，并具有透明度和最终性”。
Philip Jefferson was confirmed as vice chair in September 2023, for a four-year term.
菲利普·杰斐逊 (Philip Jefferson) 于 2023 年 9 月被确认为副主席，任期四年。
Michael Barr was confirmed as vice chair for (bank) supervision in July 2022.
迈克尔·巴尔 (Michael Barr) 于 2022 年 7 月被确认为（银行）监管副主席。
He resigned as vice chair February 28, 2025, but remains a Fed governor for a term that extends to January 2032.
他于 2025 年 2 月 28 日辞去副主席职务，但仍担任美联储理事，任期延长至 2032 年 1 月。
President Trump replaced him as vice chair with Fed governor Michelle Bowman , and she took office for a four-year term in June 2025; her term as governor runs until 2034.
特朗普总统任命美联储理事米歇尔·鲍曼取代他担任副主席，她于 2025 年 6 月上任，任期四年；她的州长任期将持续到 2034 年。
Christopher Waller became a member of the Board in December 2020, filling an unexpired term that ends in January 2030.
Christopher Waller 于 2020 年 12 月成为董事会成员，任期将于 2030 年 1 月结束。
Lisa Cook was confirmed by the Senate in May 2022 to fill an unexpired term, and confirmed a second time in September 2023 for a term that expires in 2038.
丽莎·库克 (Lisa Cook) 于 2022 年 5 月获得参议院确认，填补未满任期，并于 2023 年 9 月第二次获得确认，任期至 2038 年届满。
President Trump has tried to fire her , but in June 2026, the Supreme Court blocked that.
特朗普总统曾试图解雇她，但 2026 年 6 月，最高法院阻止了这一行动。
The Fed governors serve fixed 14-year terms that are staggered; one term expires every two years.
美联储理事的任期固定为 14 年，任期是错开的；每两年任期届满。
If a governor leaves before his or her term is up, the successor completes their term.
如果州长在任期结束前离职，则继任者将完成其任期。
Governors filling unexpired terms can still be appointed to a new one, meaning that they can serve for more than 14 years.
任期未满的州长仍可被任命为新任州长，这意味着他们的任期可以超过 14 年。
Only two Fed governors, however, have served for more than 14 years in the past half-century of Fed history.
然而，在美联储过去半个世纪的历史中，只有两位美联储理事的任期超过14年。
The median term length is a little over five years.
中位任期长度为五年多一点。
By law, the president cannot remove a governor except “for cause,” a legal term that means he would have to show that the person had done something wrong.
根据法律，总统不能罢免州长，除非有“理由”，这是一个法律术语，意味着他必须证明该人做错了事。
The president and Senate have no say in picking presidents of the 12 regional Fed banks.
总统和参议院在挑选 12 家地区联储银行行长时没有发言权。
They’re chosen by the banks’ private sector boards of directors, subject to the approval of the Fed Board of Governors in Washington.
他们由银行的私营部门董事会选出，并得到华盛顿美联储理事会的批准。
The presidents can serve until they’re 65—unless they were appointed after turning 55, in which case they can serve for a maximum of 10 years or until they’re 75, whichever comes first.
总统可以任职到 65 岁——除非他们是在 55 岁之后被任命的，在这种情况下，他们最多可以任职 10 年，或者直到 75 岁，以先到者为准。
For instance, Mary Daly , appointed to lead the San Francisco Fed in October 2018, at the age of 55, falls into the second category, which means her term is up in October 2028.
例如，2018年10月被任命为旧金山联储主席的玛丽·戴利(Mary Daly)，现年55岁，就属于第二类，这意味着她的任期到2028年10月结束。
Neel Kashkari of Minneapolis, the youngest of the current regional presidents, can serve through 2038.
明尼阿波利斯市的尼尔·卡什卡里 (Neel Kashkari) 是现任地区主席中最年轻的，任期可到 2038 年。
(As Kaleb Nygaard has documented, this retirement rule dates to a 1936 decision by the Board of Governors.)
（正如 Kaleb Nygaard 所记录的，这项退休规则可以追溯到 1936 年理事会的一项决定。）
By law, the presidents’ five-year terms expire at the end of February in years that end in one or six.
根据法律，总统的五年任期将于二月底到期，任期为一年或六年。
The Fed Board of Governors in Washington could replace any of them, though it hasn’t ever done so.
华盛顿的美联储理事会可以更换他们中的任何一个，尽管它从未这样做过。
A 2019 opinion by the Justice Department’s Office of Legal Counsel—never tested in court—said that the Fed Board of Governors can remove a Fed bank president “at will.” The law is unclear.
司法部法律顾问办公室 2019 年的一份意见（从未在法庭上得到检验）表示，美联储理事会可以“随意”罢免美联储银行行长。法律尚不明确。
The Federal Reserve Act, 12 U.S.C.
《联邦储备法》，12 U.S.C.
§ 248(f), says, “To suspend or remove any officer or director of any Federal reserve bank , the cause of such removal to be forthwith communicated in writing by the Board of Governors of the Federal Reserve System to the removed officer or director and to said bank.
§ 248(f) 规定，“要暂停或罢免任何联邦储备银行的任何官员或董事，美联储系统理事会应立即以书面形式向被罢免的官员或董事以及该银行通报罢免的原因。
” The use of the word “cause” suggests there has to be one.
“原因”一词的使用表明必须有一个原因。
A different section, 12 U.S.C.
另一个部分，12 U.S.C.
§ 341 (Fifth), however, says that the board of directors of a regional Fed bank can dismiss any officer “at pleasure.”
然而，第 341 条（第五）条规定，地区联储银行的董事会可以“随意”解雇任何官员。
In December 2025, the Board of Governors—with all seven members concurring— renewed the terms of 11 of the 12 Bank presidents through 2036.
2025 年 12 月，理事会在所有 7 名成员一致同意的情况下，将 12 名世行行长中的 11 名的任期延长至 2036 年。
The exception was Atlanta Fed President Raphael Bostic, who had announced in November that he would resign at the end of February 2026.
亚特兰大联储主席拉斐尔·博斯蒂克（Raphael Bostic）是个例外，他于 11 月宣布将于 2026 年 2 月底辞职。
* Acting interim president following Raphael Bostic’s resignation effective February 28, 2026.
* Raphael Bostic 于 2026 年 2 月 28 日辞职后代理临时总统。
A committee is conducting the search for his successor.
一个委员会正在寻找他的继任者。