Boards of Directors

Each Reserve Bank has its own board of nine directors chosen from outside the Bank as provided by law. Three directors, designated Class A, represent commercial banks that are members of the Federal Reserve System. Three Class B and three Class C directors represent the public. The member commercial banks in each District elect Class A and Class B directors. The Board of Governors in Washington, D.C., appoints Class C directors. From the Class C directors, the Board of Governors selects one person as chairman and another as deputy chairman. No Class B or Class C director may be an officer, director, or employee of a bank or a bank holding company. No Class C director may own stock in a bank or a bank holding company. Directors have broad oversight responsibility for their Bank’s operations and nominate the president and first vice president of their Reserve Bank, subject to approval by the Board of Governors.

Each Branch of a Reserve Bank has its own board of directors of five or seven members. A majority of these directors are appointed by the Branch’s Reserve Bank; the others are appointed by the Board of Governors.

Boards of directors of the Reserve Banks and Branches provide the Federal Reserve System with a wealth of information on economic conditions in every corner of the nation. This information, along with other sources, is used by the Federal Open Market Committee and the Board of Governors when reaching decisions about monetary policy.

Directors—San Francisco

Directors—Los Angeles

Directors—Portland

Directors—Salt Lake City

Directors—Seattle

Advisory Council