EXPLAINER-How Trump could influence the makeup of the Fed

          Nov 7 (Reuters) - Federal Reserve Chair Jerome Powell on Thursday said he would not
resign if asked to do so by President-elect Donald Trump, and said presidents do not have the
legal authority to remove a U.S. central bank chief.
    That said, Powell's term as chair expires in May 2026, and Trump will have an opportunity to
install a new Fed chief then. He will also have a chance to replace at least one other Fed
governor during his term.
    Here's a look at the Fed system's structure and how the selection of policymakers works.

    THE FED SYSTEM
    The Federal Reserve System, created by Congress in 1913, comprises the Washington-based
Federal Reserve Board; 12 regional Federal Reserve banks dotted across the country; and the
Federal Open Market Committee, including both Fed board members and regional bank heads.
    The Fed board has seven members, including an overall chair, two vice chairs - one for
monetary policy and one for bank oversight - and four other governors. All are appointed by the
president subject to confirmation by the Senate.
    Trump succeeded in appointing four board members during his presidency and elevated Powell,
who was already a governor through an appointment by Trump's predecessor, Democrat Barack Obama,
to be the Fed chair.
    All of his successful appointees - including Powell and current governors Michelle Bowman
and Christopher Waller - have hewn to the tradition of Fed independence. Three others who were
seen by many as pushing that envelope - Stephen Moore, Judith Shelton and Herman Cain - withdrew
or failed to win full Senate confirmation.
    Each regional Fed bank is run by a president appointed by a subcommittee of each bank's
board of directors.
    The FOMC, which has the all-important role of setting interest rate policy, comprises all
seven board governors, the president of the Federal Reserve Bank of New York, and four other
regional bank presidents on a rotating basis.

    THE BOARD NOW
    Fed governors are appointed by the president and confirmed by the Senate for 14-year terms,
or for the unexpired remainder of a 14-year term for a previous incumbent. Term expirations are
staggered at two-year intervals, with the next one due in 2026.
    Fed chairs and vice chairs are appointed for four-year terms that run concurrently with
their governorships, and typically do not stay on as governor if not re-appointed to their
leadership role. Powell's position as chair expires in May 2026, and both vice chairs' positions
expire during the term of the next U.S. president.
    The following is a list of current governors, in order of their term expirations with the
nearest listed first.
 Board Member        Joined board,   Board term   Became chair /vice  Chair/ vice
                     term extended   ends         chair, reappointed  chair term
                                                                      ends
 Adriana Kugler           9/13/2023     Jan 2026
 Jerome Powell,          5/12/2012,     Jan 2028           2/5/2018,       May 2026
 chair                    6/14/2014                        5/23/2022
 Christopher Waller      12/18/2020     Jan 2030
 Michael Barr, vice       7/19/2022     Jan 2032           7/19/2022      July 2026
 chair for
 supervision
 Michelle Bowman       11/26/2018,      Jan 2034
                          1/23/2020
 Philip Jefferson,        5/23/2022     Jan 2036           9/13/2023      Sept 2027
 vice chair
 Lisa Cook               5/23/2022,     Jan 2038
                           9/8/2023

    THE BANK PRESIDENTS NOW
    Fed bank presidents are picked by the six non-banker members of their boards of directors,
and must be approved by the Fed Board. They can serve until the mandatory retirement age of 65
or, if appointed after the age of 55, for 10 years or until they reach age 75.
    The terms of all current bank presidents end in February 2026, when they will be considered
for a fresh five-year appointment by the Board of Governors. This reupping process historically
has not resulted in any change in leadership, but this is custom not law.
    The following is a list of the Fed regional bank presidents with the term limit dates listed
for the four whose terms will expire over the course of Trump's next term.
 Bank           President          Expected end of term
 PHILADELPHIA   Patrick Harker                June 2025
 RICHMOND       Thomas Barkin                  Jan 2028
 NEW YORK       John Williams                 June 2028
 SAN FRANCISCO  Mary Daly                      Oct 2028
 ATLANTA        Raphael Bostic               After 2028
 BOSTON         Susan Collins                After 2028
 KANSAS CITY    Jeffrey Schmid               After 2028
 ST LOUIS       Alberto Musalem              After 2028
 CHICAGO        Austan Goolsbee              After 2028
 MINNEAPOLIS    Neel Kashkari                After 2028
 DALLAS         Lorie Logan                  After 2028
 CLEVELAND      Beth Hammack                 After 2028


 (Reporting By Dan Burns; Editing by Andrea Ricci)