FAQs: 2023 Presidential Search & Selection

In keeping with the Federal Reserve Act, a Reserve bank’s board of directors forms a search committee composed of its eligible Class B and Class C directors. These directors are elected or appointed to represent the public and are not affiliated with regulated banks or financial institutions.

Note that Congress has expressly excluded a Reserve bank’s Class A directors from the appointment of Reserve bank presidents (and first vice presidents). As such, Class A directors are not permitted to take part in the selection of a Reserve bank’s president (or first vice president), nor are they allowed to sit on search committees for those positions.

For more information, see How is a Federal Reserve Bank president selected? and Directors—Appointment of Reserve Bank Presidents and First Vice Presidents (PDF) on the Federal Reserve Board of Governors website.

The St. Louis Fed’s Presidential Search Committee retained a national executive search firm, Spencer Stuart, to assist in a broad search process. This FAQ noted that candidates within and outside the Federal Reserve System who meet the position’s qualifications would be considered, and that following this process, the Search Committee would appoint a candidate subject to approval by the Board of Governors.

The St. Louis Fed’s Search Committee was composed of eligible Class B and Class C directors who serve on our board of directors:

• Chair: James M. McKelvey Jr., founder and CEO, Invisibly Inc., St. Louis. At the time, McKelvey also served as chair of the St. Louis Fed’s board of directors and was a Class C director.
• Deputy Chair: Carolyn Chism Hardy, president and CEO, Chism Hardy Investments LLC, Bartlett, Tenn. At the time, Chism Hardy was the deputy chair of the St. Louis Fed’s board of directors, a Class C director.
• Lal Karsanbhai, president and CEO, Emerson Electric Co., St. Louis (Class C director)
• R. Andrew Clyde, president and CEO, Murphy USA Inc., El Dorado, Ark. (Class B director)
• Penny Pennington, managing partner, Edward Jones, St. Louis (Class B director)
• Michael Ugwueke, president and CEO, Methodist Le Bonheur Healthcare, Memphis, Tenn. (Class B director)

The Federal Reserve Bank of St. Louis President and CEO Job Profile (PDF) posted Aug. 28, 2023, described the role in detail, including key responsibilities as a policymaker and chief executive officer. It also outlined desired qualifications and experience.

Indications of interest, nominations and referrals for the role were to be submitted along with a cover letter and supporting information (e.g., bio, resume or CV) directly to Spencer Stuart no later than September 28, 2023, at this email address: stlouisfedpresident@spencerstuart.com.

The St. Louis Fed is committed to openness and transparency. Public outreach and engagement were paramount to a successful process. The Presidential Search Committee welcomed public input and comments while maintaining applicant confidentiality. Likewise, key milestone updates on the search process were regularly shared on our website.

• Members of the public wishing to provide input regarding the search were invited to email presidentsearch@stls.frb.org. Also, questions not addressed in the FAQs could be directed to this mailbox.
• The news media contact was Laura Girresch at laura.e.girresch@stls.frb.org.

The president of a Federal Reserve bank serves as its chief executive officer and is responsible for all Bank activities. The president sets the strategic vision for the organization while ensuring its efficient operation in accordance with its mission, vision and core values. This includes overseeing functions related to economic research; bank supervision and regulation; community development and outreach; and payments services and technologies.

The president plays a critical role in the formation of U.S. monetary policy by representing the Eighth Federal Reserve District on the Federal Open Market Committee, the Federal Reserve’s chief policymaking body.

In addition, the president of the St. Louis Fed represents the organization and the Federal Reserve System in all communications to the public and stakeholders.

The president is also responsible for leading a talented workforce across the Eighth Federal Reserve District at our headquarters in St. Louis and branch offices in Little Rock, Ark., Louisville, Ky. and Memphis, Tenn.

Under the Federal Reserve Act, all presidents of Reserve banks serve five-year terms that end on the last day of February in years ending with the numerals 1 or 6 (for example, 2021 and 2026). The appointment of a president who takes office in intervening years 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.

Reserve bank presidents bear a special responsibility for maintaining the integrity and reputation of the Federal Reserve System.

• The St. Louis Fed’s Code of Conduct (PDF) outlines expectations including the need to avoid actual and apparent conflicts of interest. In addition, the president is subject to the Board of Governors’ Voluntary Guide to Conduct for Senior Officials (PDF).
• FOMC policymakers, including Reserve bank presidents, must be especially vigilant about potential conflicts and impartiality concerns in accordance with the Federal Reserve’s Ethics and Values. The Federal Reserve Board of Governors has established a broad set of rules that prohibit the purchase of individual securities, restrict active trading, and ensure the timeliness of reporting and public disclosure by Fed policymakers and senior staff. View the Investment and Trading Policy for FOMC Officials (PDF).
• Learn more about the Ethical Rules and Restrictions Applicable to Reserve Bank Presidents (PDF).