Directors of Federal Reserve Banks and Branches
As the central bank of the United States, the Federal Reserve System conducts the nation's monetary policy and helps to maintain a stable financial system. Three key components of the Federal Reserve System—the Federal Reserve Board of Governors (Board of Governors), the Federal Reserve Banks (Reserve Banks), and the Federal Open Market Committee (FOMC)—interact to accomplish these goals.
Pursuant to the Federal Reserve Act, each of the 12 Reserve Banks is subject to the supervision of a nine-member board of directors (board). Directors are divided into three classes—Class C, Class B, and Class A—of three directors each. Most Reserve Banks have at least one Branch, and each Branch has its own board of directors.
The Federal Reserve Act includes several provisions related to the structure and composition of Reserve Bank and Branch boards, as well as the appointment or election and service of directors. The Board has extended many of these statutory requirements by policy. For more information, see Roles and Responsibilities of Directors (PDF) and Board policies governing the eligibility, conduct, and service of directors.
Pursuant to the Federal Reserve Act, the Board of Governors appoints Class C directors to represent the public with due, but not exclusive, consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. In addition, the Board of Governors designates a Chair and Deputy Chair for each Reserve Bank board from among that Bank’s Class C directors. The Board of Governors also appoints some Branch directors (Board-appointed Branch directors), with other Branch directors appointed by the Reserve Bank (Reserve Bank-appointed Branch directors).
Also by statute, Class B and A directors are elected by the member banks in their respective Federal Reserve District. Class B directors are elected to represent the public, and Class A directors are elected to represent the member banks.
Directors play a critical role in the effective functioning of the Federal Reserve. Directors provide a link between the System and the public, and their insights help to inform the FOMC's deliberations. In addition, Reserve Bank directors perform an important corporate governance function and are responsible for maintaining an effective system of internal auditing procedures and controls. Directors are not involved, however, in any matters related to banking supervision, including specific supervisory decisions.
The System's boards function most effectively when they are constituted in a manner that encourages a variety of perspectives and viewpoints. Although there is room for improvement, the System has made significant progress in recent years in recruiting highly-qualified women and minorities who represent a range of different industries and sectors for director positions. The attached tables provide further information about the composition of Reserve Bank and Branch boards and sectors represented by Reserve Bank and Branch directors.