The Federal Reserve Board of Governors on Thursday approved the reappointment of 11 of the 12 presidents of regional Fed banks — the one exception reflecting a previously announced retirement.
Why it matters: There had been speculation among central bank watchers that this every-five-years reappointment process could involve more fireworks than usual, as Trump appointees to the board seek major change to the nation's central bank.
Atlanta Fed president Raphael Bostic recently announced his retirement at the conclusion of his term in February, but his 11 counterparts around the country were green-lit for another term.
Driving the news: "Following a comprehensive review by the boards of directors of the regional Reserve Banks, and the unanimous concurrence of Federal Reserve Board members," the Fed announced reappointment of the 11 bank presidents.
The action also includes reappointment of the banks' first vice presidents, who act as chief operating officer of the banks and fill in if the president is unavailable.
Of note: The mention "unanimous concurrence" of governors implies that the three Trump-appointed governors were on board with the reappointments.
Catch up quick: Presidents of the 12 reserve banks serve in an unusual hybrid public-private structure. They are selected by independent boards of directors consisting of local community members, with appointments that must be approved by the presidentially appointed Board of Governors in Washington.
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