Federal Reserve Board Chair Jerome H. Powell swore in FRB Governor Philip N. Jefferson as Vice Chair, and FRB Governor Lisa D. Cook and Dr. Adriana D. Kugler as Board members.

A foreign banking organization settled charges with the Federal Reserve Board for failing to address known risks associated with a client investor that had an “increasingly concentrated [total return swaps] portfolio.”

President Joseph R. Biden nominated individuals for open positions on the Federal Reserve Board.

Lael Brainard resigned as Vice Chair and as a member of the Federal Reserve Board, effective on or around February 20, 2023. The announcement follows her nomination to serve as Director of the National Economic Council.

Michael S. Barr was sworn into office as Vice Chair for Supervision for the Board of Governors of the Federal Reserve System.