Barr confirmed by Senate; FOMC to have full slate

By Theresa Sheehan, Econoday Economist
July 14, 2022

On Wednesday, Michael Barr was confirmed by the Senate as a governor of the Federal Reserve to complete a term ending on January 31, 2032 and as vice chair for supervision for a four-year term that will begin on the day he is sworn into office. That should happen soon and almost certainly before the FOMC meeting of July 26-27. If so, it will be the first FOMC meeting Since July 31, 2013 when the FOMC can muster a full 12 votes.

The meeting will also include newcomer Susan Collins, president of the Boston Fed, at her first FOMC deliberations. She will be a voter this time after Philadelphia Fed president Patrick Harker voted as an alternate at the first four meetings of 2022.

At the July meeting, the Dallas Fed will be represented by its interim president Meredith Black. Lorie Logan will not be sworn in as Dallas Fed president until August 22, after which she will attend the September 20-21 FOMC meeting. The Dallas Fed does not have a vote in 2022, but will in 2023.

In the not-so-distant future, Kansas City Fed President Esther George has announced she will retire in January 2023. Chicago Fed President Charles Evans has also said he will retire early in 2023. Unlike the short notices given by former Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan – both of whom were embroiled in ethic scandals – the advance notices will give respective banks’ Class B and C directors time to conduct a search for a successor and prevent a gap in leadership.