Here are brief sketches of the seven present members of the board of governors of the Federal Reserve Systef: Arthur F. Burns

Burns, 73, will step down as chairman of Jan. 31, but may remain on the board as an ordinary governor. Born in Stanislau, Austria, the silverhaired former professor in a distinguished economist who was chairman of the President's Council of Economic Advisers during the Eisenhower administration, from 1953 to 1956, and served later as economic counselor to former President Nixon from 1969 to 1970. Appointed to the board in 1970, he has served two terms as chairman. His term as a Fed governor expires in January of 1984. Stephen S. Gardner

Gardner, 56, vice chairman of the board is a Philadelphia banker who served as chairman of Girard Turst Bank before taking a post as deputy secretary of the Treasury during the Ford administration. A native of Wakefield, Mass., he received an M.B.A. degree from the Harvard University Graduate School of Business Administration. He was appointed to the Fed in Feburary, 1976. His term expires in January, 1990. Henry C. Wallich

Wallich, 63, another distinguished economist on the board and an expert on international monetary affairs, was a member of the Council of Economic Advisers during the last three years of the Elisenhower administration and earlier served as an assistant Secretary of the Treasury. Born in Germany, he was educated at Oxford University in England and received his Ph.D. in economics at Harvard. He was an economics professor at Yale University from 1951 until 1974. Wallich joined the Fed as a governor in 1974. His tern expires in January 1988. Philip E. Coldwell

Coldwell, 63, spent most of his career in the Federal Reserve System, beginning as an economist in 1951 and ultimately rising to president of the Federal Reserve Bank of Dallas. Born in Champaign, III., he earned a doctorate in economics from the University of Wisconsin, and taught briefly at several universities. Coldwell joined the board in 1974. His term expires in January 1980. Philip C. Jackson Jr.

Jackson, 49, was a Birmingham Ala., mortgage banker before taking office as a Fed governor in 1975. He is past president of the Mortgage Bankers Association of America. His term expires in January 1982. J. Charles Partee

Partee, 50, was senior economist to the board's policymaking Federal Open Market Committee before being appointed as a governor in 1976.A native of Defiance, Ohio, Partee joined the Federal Reserve System as an economist in 1949, served brieflu as a private bank economist, and then joined the board's staff here in 1962. His term as governor expires in January 1986. David M. Lilly

Lilly, 60, was chairman of the Toro Co. before joining the board in 1976. Born in St. Paul, Minn., Lilly served briefly in the Treasury during World War II, then spent three years in the Army and received the bronze star for his service. Following his discharge, he became a vice president of Toro. Lilly's term expire in January - leaving the vacancy that G. William Miller, the man President Carter appointed as the board's new chairman, was named to fill.