The U.S. central bank's top financial regulator, Michael Barr, is leaving his post next month as the Federal Reserve's vice chair of supervision, but plans to keep his seat on the Fed's Board of Governors. The decision leaves incoming President Donald Trump with no immediate opening for nominating anyone new to the monetary policymaking body. But Trump, who takes office on Jan. 20, can nominate an existing Fed board member to the leadership role, which oversees central bank rulemaking, supervision and enforcement of the U.S. banking system. The Fed said in a statement it would take up no major rulemaking until a successor to the regulatory role is confirmed. 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 Board of Governors; 12 regional Fed 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 current Fed Chair Jerome Powell, who was already a governor through an appointment by Trump's predecessor, Democrat Barack Obama, to lead the Fed. All of his successful appointees - including Powell and 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 New York Fed, 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 a 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 MemberJoined board, term extendedBoard term endsBecame chair /vice chair, reappointedChair/ vice chair term endsAdriana Kugler9/13/2023Jan 2026Jerome Powell, chair5/12/2012, 6/14/2014Jan 20282/5/2018, 5/23/2022May 2026Christopher Waller12/18/2020Jan 2030Michael Barr, vice chair for supervision7/19/2022Jan 20327/19/2022Feb 2025*Michelle Bowman11/26/2018, 1/23/2020Jan 2034Philip Jefferson, vice chair5/23/2022Jan 20369/13/2023Sept 2027Lisa Cook5/23/2022, 9/8/2023Jan 2038Barr announced he would resign as vice chair on Feb. 28 but will remain on the Board of Governors. His term on the Board runs through January 2032. 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's 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 the age of 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.bThis re-upping process historically has not resulted in any change in leadership, but this is the 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. BankPresidentExpected end of termPHILADELPHIAPatrick HarkerJune 2025RICHMONDThomas BarkinJan 2028NEW YORKJohn WilliamsJune 2028SAN FRANCISCOMary DalyOct 2028ATLANTARaphael BosticAfter 2028BOSTONSusan CollinsAfter 2028KANSAS CITYJeffrey SchmidAfter 2028ST LOUISAlberto MusalemAfter 2028CHICAGOAustan GoolsbeeAfter 2028MINNEAPOLISNeel KashkariAfter 2028DALLASLorie LoganAfter 2028CLEVELANDBeth HammackAfter 2028