U.S. Markets

Fed regional bank presidents given new 5-year terms

WASHINGTON (Reuters) - The presidents of the Federal Reserve’s 12 regional banks, officials who oversee bank regulation and share duties setting monetary policy with the central bank’s Washington-based Board of Governors, have been appointed to new five-year terms beginning March 1, the central bank announced on Thursday.

The reappointments, along with those of the sitting vice presidents, were recommended by the local boards of directors that oversee each regional bank and accepted by the board.

Fed presidents appointed before they turn 55 must retire by their 65th birthday, the central bank’s rules stipulate. That means Boston Fed President Eric Rosengren can serve only until June 2022, and both Chicago Fed President Charles Evans and Kansas City Fed President Esther George can only serve until January 2023.

Reporting by Howard Schneider; Additional reporting by Ann Saphir; Editing by Chizu Nomiyama