Board of Directors & Councils

Board of Directors

The boards of the Reserve Banks represent a cross-section of banking, commercial, agricultural, industrial, and public interests within a Federal Reserve's District. Three directors, designated Class A directors, represent commercial banks that are members of the Federal Reserve System. Three Class B and three Class C directors represent the public.

The Reserve Bank directors have several important duties in addition to overseeing Bank operations:

They set the discount rates Reserve Banks charge on loans to depository institutions (subject to approval by the Board of Governors ).
Class B and Class C directors elect Reserve Bank presidents (also subject to approval by the Board of Governors). The regulatory reform legislation passed in July 2010 prevents Class A directors from involvement in electing Reserve Bank presidents.
They provide Fed officials with considerable "grass roots" information on business, agricultural, and financial conditions.

Economic Advisory Council

The Economic Advisory Council, which was created in 2008, includes representatives from the tourism, health-care, retail, and food industries, as well as organized labor. The council's members reflect our District's diverse economic base and represent a broader geographic area than the previous council structure. The council advises Federal Reserve officials on regional business conditions and economic issues that have an impact on the marketplace.