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Board of Directors & Councils

Board of Directors

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 External Link).
  • They elect Reserve Bank presidents (also subject to approval by the Board of Governors).
  • They provide Fed officials with considerable "grass roots" information on business, agricultural, and financial conditions.

Councils

Each Reserve Bank also has councils whose members are drawn from community banks, credit unions, and business and agricultural firms. Meetings between council members and the Bank's senior officers provide a venue for exchanging important information about local business and the economy.