The Board of Governors and each Federal Reserve Bank uses advisory and working committees to assist them in their work, provide insights into specific issues and facilitate understanding and education regarding the Federal Reserve role in the nation’s economy.

The Board of Directors for each of the Federal Reserve banks select annually one representative to the Federal Advisory Council. As a liaison, the council member confers with the Board of Governors on business conditions and issues related to the banking industry and makes recommendations regarding System policies.

The Richmond bank created the Community Development Advisory Council in 1998 to help communicate monetary, consumer and banking policy to the community, and keep the bank informed about community development issues.

The Bank President appoints the nine-member council from Fifth District grass roots associations, community-based organizations, consumer and labor groups, and government. Members serve staggered three-year terms.

Congress established the 30-member Consumer Advisory Council in 1976 to advise the Board of Governors on the Consumer Credit Protection Act and other consumer-related matters. Council members have staggered terms and meet with the Board three times a year in Washington, D.C.

The Board of Governors established the Thrift Institutions Advisory Council as a result of the Depository Institutions Deregulation and Monetary Control Act of 1980, which extended the reserve requirements and access to the discount window to thrift institutions. The Councils 12 members, which represent savings and loan associations, savings banks and credit unions, provide perspective on thrift-related matters.

The Richmond bank created the Small Business & Agriculture Advisory Council in 1985 to improve communications with small businesses and agricultural businesses in the Fifth District. The 12-member Council includes two people each from Maryland, Washington, D.C., North Carolina, South Carolina, Virginia and West Virginia. The Council meets with the Bank president and other senior officers at least twice yearly, to discuss the impact of monetary, banking and fiscal policies on these businesses and the economic condition in their communities.

The Richmond bank established the Operations Advisory Committee in 1978 to help communicate with financial institutions and to keep abreast of the changing needs of financial services customers.

The OAC members are appointed from Fifth District depository institutions for renewable three-year terms. Additionally, a representative from one ACH is chosen annually as an associate member of the Committee.