Who runs the local Fed offices matters for more than ribbon‑cuttings. On Jan. 9, 2026, the Board of Governors in Washington designated the chairs and deputy chairs of the 12 Federal Reserve Banks — picking the two top public directors at each regional bank who help steer local oversight and feed ground‑level economic observations back into national policy discussions.
The formal list is a mix of big‑company CEOs, nonprofit leaders, health executives, and former corporate chiefs. By law the Board appoints three Class C directors at each Reserve Bank to represent the public, and each year it selects one of those appointees as chair and another as deputy chair. The appointments are largely civic and governance roles, but their voices matter: Reserve Bank directors meet with Fed officials and report on regional conditions that can color policymaking.
You can read the full federal announcement on the Board’s site: Federal Reserve Board press release.
Notable picks and who they represent
A few names stand out for the mix of experience and geographic reach. Boston named Lizanne Kindler, executive chair and CEO of KnitWell Group, as chair, with Liberty Mutual’s Tim Sweeney as deputy chair. The New York Fed retained Pat Wang of Healthfirst as chair with Rajiv J. Shah, president of The Rockefeller Foundation, remaining deputy chair.
In the Midwest and Plains, corporate heavyweights take visible roles: Lal Karsanbhai, CEO of Emerson Electric, was named chair of the St. Louis Fed, while former Goodyear CEO Richard Kramer will chair the Cleveland Fed. The San Francisco Fed’s leadership continues under Russell A. Childs of SkyWest, and the Dallas Fed’s chair will be Claudia Aguirre of BakerRipley, with Gary C. Kelly of Southwest Airlines as deputy.
Some appointments reflect community and nonprofit leadership: Lisa M. Lawson of The Annie E. Casey Foundation will chair the Richmond Fed, and Paul D. Williams — a longtime community nonprofit leader in Minneapolis — is chairing the Minneapolis Fed.
A complete roster of all 24 individuals (chairs and deputy chairs across the 12 Banks) is available in the Board’s announcement linked above.
Why these designations matter now
Reserve Bank boards don’t set national monetary policy, but they do shape the Fed’s information flow. Directors visit businesses, community groups, and financial institutions in their districts and report back on hiring, wages, supply constraints, and lending conditions. Those regional snapshots help inform the Board of Governors and the Federal Open Market Committee as they make decisions on interest rates and other policy tools.
As the U.S. economy navigates a sensitive policy cycle in 2026, the perspectives conveyed by these regional chairs and deputies — especially those representing health care, manufacturing, small business, and community nonprofits — can influence how policymakers interpret labor market resilience, inflationary pressures, or financial‑stability signals.
The Philadelphia Fed published its own release noting local board changes: William Lo of Crystal Steel Fabricators was named chair and Kisha Hortman Hawthorne of Children’s Hospital of Philadelphia was named deputy chair; both terms began January 1, 2026. See the Philadelphia Fed’s statement here: Philadelphia Fed announcement.
Expect these leaders to keep doing what directors do: listen, convene, and translate regional realities into reports that Washington uses to judge the economy. The names may be new to some, but their roles are quietly important — and the signals they relay will be watched closely during the Fed’s next policy debates.