The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors.

[3] The position of vice chair for supervision is currently vacant since Michael Barr's resignation which takes effect on February 28 2025.

[4] As stipulated by the Banking Act of 1935, the president may designated to serve as Vice Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors.

[8][9][10] By law, the vice chair, as part of the Board, make a full report of its operations to the speaker of the House, on progress towards the Fed's responsibilities and monetary policy objectives, which are "maximum employment, stable prices, and moderate long-term interest rates.

[14] The following is a list of past and present vice chairs of the Board of Governors of the Federal Reserve System.