Board of Governors runs the Fed. All but one are bankers.
http://www.federalreserve.gov/aboutthefed/bios/board/bernanke.htmBen S. Bernanke
Ben S. Bernanke began a second term as Chairman of the Board of Governors of the Federal Reserve System on February 1, 2010. Dr. Bernanke also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He originally took office as Chairman on February 1, 2006, when he also began a 14-year term as a member of the Board. His second term as Chairman ends January 31, 2014, and his term as a Board member ends January 31, 2020.
Before his appointment as Chairman, Dr. Bernanke was Chairman of the President's Council of Economic Advisers, from June 2005 to January 2006.
Dr. Bernanke has already served the Federal Reserve System in several roles. He was a member of the Board of Governors of the Federal Reserve System from 2002 to 2005; a visiting scholar at the Federal Reserve Banks of Philadelphia (1987-89), Boston (1989-90), and New York (1990-91, 1994-96); and a member of the Academic Advisory Panel at the Federal Reserve Bank of New York (1990-2002).
Bernanke: Federal Reserve BANK employee beginning in 1990; 20 years ago. Banker? Yes.
Donald L. Kohn
Donald L. Kohn originally took office on August 5, 2002, as a member of the Board of Governors of the Federal Reserve System for a full term ending January 31, 2016. On June 23, 2006, Dr. Kohn was sworn in as Vice Chairman of the Board of Governors of the Federal Reserve System for a four-year term ending June 23, 2010.
Dr. Kohn was born in November 1942 in Philadelphia, Pennsylvania. He received a B.A. in economics in 1964 from the College of Wooster and a Ph.D. in economics in 1971 from the University of Michigan.
Dr. Kohn is a veteran of the Federal Reserve System. Before becoming a member of the Board, he served on its staff as Adviser to the Board for Monetary Policy (2001-02), Secretary of the Federal Open Market Committee (1987-2002), Director of the Division of Monetary Affairs (1987-2001), and Deputy Staff Director for Monetary and Financial Policy (1983-87). He also held several positions in the Board's Division of Research and Statistics: Associate Director (1981-83), Chief of Capital Markets (1978-81), and Economist (1975-78). Dr. Kohn began his career as a Financial Economist at the Federal Reserve Bank of Kansas City (1970-75).
Kohn: Federal Reserve BANK employee beginning in 1970; 40 years ago. Banker? Yes.
Kevin M. Warsh
Kevin M. Warsh took office on February 24, 2006, to fill an unexpired term ending January 31, 2018.
Prior to his appointment to the Board, Mr. Warsh served as Special Assistant to the President for Economic Policy and as Executive Secretary of the National Economic Council from 2002 until February 2006. His primary areas of responsibility included domestic finance, banking, securities, and consumer protection. He advised the President and senior administration officials on issues related to the U.S. economy and capital markets. Mr. Warsh participated in the President's Working Group on Financial Markets and served as the administration's chief liaison to the independent financial regulatory agencies.
From 1995 to 2002, Mr. Warsh was a member of the Mergers & Acquisitions Department of Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. He served as financial adviser to numerous companies across a range of industry sectors, including manufacturing, basic materials, professional services, and technology. In that capacity, Mr. Warsh structured capital markets transactions and facilitated fixed income and equity financings.
Warsh: Responsible for BANK policy in Washington since 2002; M&A for Morgan Stanley beginning in 1995; 15 years ago. Banker partner and regulator? Yes.
Elizabeth A. Duke
Elizabeth A. Duke took office on August 5, 2008, to fill an unexpired term ending January 31, 2012.
Prior to her appointment to the Board, Ms. Duke was Senior Executive Vice President and Chief Operating Officer of TowneBank, a Virginia-based community bank. Prior to this, she was an Executive Vice President at Wachovia Bank, and an Executive Vice President at SouthTrust Bank. Earlier in her career, Ms. Duke was President and Chief Executive Officer of Bank of Tidewater, based in Virginia Beach, Virginia.
Ms. Duke served on the Board of Directors of the American Bankers Association from 1999 to 2006, and served as its Chairman from 2004 to 2005. She also served on the Board of Directors and as President of the Virginia Bankers Association. From 1998 to 2000, Ms. Duke served on the Board of Directors of the Federal Reserve Bank of Richmond. She has also served as a member of the Fannie Mae National Advisory Council.
Duke: COO of Townebank, Exec VP Wachovia Bank, Exec VP Southtrust Bank. Banker? Yes.
Daniel K. Tarullo
Daniel K. Tarullo took office on January 28, 2009, to fill an unexpired term ending January 31, 2022.
Prior to his appointment to the Board, Mr. Tarullo was Professor of Law at Georgetown University Law Center, where he taught courses in international financial regulation, international law, and banking law. Prior to joining the Georgetown Law faculty, Mr. Tarullo held several senior positions in the Clinton administration.
From 1993 to 1998, Mr. Tarullo served, successively, as Assistant Secretary of State for Economic and Business Affairs, Deputy Assistant to the President for Economic Policy, and Assistant to the President for International Economic Policy. He also served as a principal on both the National Economic Council and the National Security Council. From 1995 to 1998, Mr. Tarullo also served as President Clinton's personal representative to the G7/G8 group of industrialized nations.
Before joining the Clinton administration, he served as Chief Counsel for Employment Policy on the staff of Senator Edward M. Kennedy, and practiced law in Washington, D.C. He also worked in the Antitrust Division of the Department of Justice and as Special Assistant to the Undersecretary of Commerce. From 1981 to 1987, Mr. Tarullo taught at Harvard Law School.
Mr. Tarullo has also served as a senior fellow at the Council on Foreign Relations and as a non-resident senior fellow at the Center for American Progress. Mr. Tarullo has also held a visiting professorship at Princeton University.
Tarullo: Various political appointments as financial regulator and adviser. Banker? No.