Who appoints the president of each Federal Reserve Bank?

The president of each Federal Reserve Bank is appointed by that bank's board of directors, but this appointment must also receive approval from the Board of Governors of the Federal Reserve System. This dual-layer process helps ensure that the selected president is aligned with the broader goals and policies of the Federal Reserve while allowing for local insight and governance from the bank's own board. This structure facilitates a balance of local and centralized interests in the management of the Federal Reserve Banks, fostering accountability and effectiveness in monetary policy implementation.

The specific role of the board of directors includes overseeing the bank's operations and selecting a president who can carry out the institution's objectives. However, the final approval from the Board of Governors ensures that the choice reflects a national perspective on monetary policy, helping to maintain uniformity and coherence across the Federal Reserve System.