The Federal Reserve Board on Friday announced the new chairs of the 12 Federal Reserve Banks for 2014.

The new chair of the Boston Fed is William Nordhaus, a professor of economics at Yale University.

The New York Fed chair will remain Emily Rafferty, the president of the Metropolitan Museum of Art. Rafferty has chaired the bank since January 2013.

The Philadelphia Fed will be chaired by James Nevels, founder and chairman of investment and financial advisory firm The Swarthmore Group.

Richard Smucker, who began chairing the Cleveland Fed in 2013, will remain at its helm next year. Smucker is the chief executive of the J.M. Smucker Company.

Linda Rabbitt, chairman and chief executive of the Rand Construction Corporation, will chair the Richmond Fed for a second year.

The Atlanta Fed will be chaired for the second consecutive year by Thomas Barkin, director of the consulting firm McKinsey & Company.

Jeffrey Joerres, chairman and chief executive of human resource consulting firm ManpowerGroup, will chair the Chicago Fed for the second straight year.

The St. Louis Fed will be chaired by Sharon Fiehler, the executive vice president and chief administrative officer of Peabody Energy.

The Minneapolis Fed will be chaired by Randall Hogan, who is also the chairman and chief executive of manufacturer Pentair.

Barbara Mowry, the chief executive officer of management consulting firm GoreCreek Advisors, was renamed chair of the Kansas City Fed for a second year.

The Dallas Fed will be chaired by Myron Ullman III, chief executive of J.C. Penney Company.

The chairman of the San Francisco Fed will remain Patricia Yarrington, vice president and chief financial officer of Chevron Corp. Yarrington chaired the San Francisco Fed last year.

Sarah Todd is a news reporter at American Banker.