Federal Reserve Bank of St. Louis president James B. Bullard and first vice president Kathleen O. Paese have been reappointed to their positions for a new five-year term.
This new term will begin March 1, 2021. According to the Federal Reserve Act, Reserve Bank presidents and vice-presidents serve five-year terms, which conclude in February on years that end in ‘1’ or ‘6.’
The president and CEO of the Federal Reserve Bank of St. Louis, Bullard oversees monetary policy for the Federal Reserve’s Eighth District, which includes Arkansas. There is a branch of the Federal Reserve Bank in Little Rock. He has served in the role since 2008 and is also a member of the Federal Open Market Committee.
He has been part of the Federal Reserve Bank of St. Louis since 1990, serving in a range of positions. He has been a member of the research department, the deputy director of research for monetary analysis, and vice president and research economist.
In addition to being the first vice president, Paese is also the chief operating officer and Federal Reserve System Treasury product director at the St. Louis Fed.
“The leaders of our Reserve Banks play a vital role in supporting the economic health of communities across our country,” Governor Lael Brainard, chair of the Board’s Committee on Reserve Bank Affairs, said in a statement. “Over the past year alone, this has been apparent in the many ways they have been engaged in the Federal Reserve’s responses to the COVID crisis and the national discussion on systemic inequities. Reflecting these important responsibilities, the eligible Reserve Bank directors, with significant input from the Board of Governors and key stakeholders, have conducted a rigorous process to inform their reappointment decisions.”
In total, the Federal Reserve Board approved 12 Reserve Bank presidents for reappointment and 11 first vice presidents for reappointment.