Each Federal Reserve Bank and its branches are supervised by a board of directors. In the Fifth District, the Federal Reserve Bank of Richmond is supervised by nine directors who are either elected by member banks or selected by the Board of Governors. Additionally, the branch offices in Baltimore and Charlotte each have a board of seven directors, who are appointed by the Richmond Fed or the Board of Governors.

	Class A	Class B	Class C	Branch Bank Board of Directors
Number of Directors	3	3	3	7
Representation	Member banks	Public and agriculture, commerce, industry, services, labor and consumers		Public interests of the area encompassed by the Branch
Selection	Elected by state member banks		Appointed by the Board of Governors	Appointed by FRB Richmond & Board of Governors
Term of Office	3 years	3 years	3 years	3 years
Offices allowed to hold			Chairman, Deputy Chairman	Chairman of Branch Board, Deputy Chairman of Branch Board

The directors perform a variety of responsibilities, including:

• Appoint the Reserve Bank's president and first vice president, with approval by the Board of Governors.
• Appoint all Bank officers.
• Supervise Bank operations.
• Set the Bank's discount rate every two weeks with approval by the Board of Governors.
• Review Bank's budget and expenditures.
• Accountable for Bank's internal audit program.

Class A directors are selected by and represent the interests of the Fifth District member banks.
Class B directors are also selected by member banks, but represent the public and are chosen with consideration of agriculture, commerce, industry, services, labor and consumers.
Class C directors are selected by the Board of Governors, and also represent these public interests.

All three classes of directors serve three-year terms. Two Class C directors of the Bank are designated, by the Board of Governors, as chairman and deputy chairman of the board for one-year terms. Directorships generally are limited to two successive terms, to ensure a diversity of backgrounds and experience among the individuals who serve the Federal Reserve System.

The Charlotte and Baltimore Reserve Bank Branches each have a board of seven directors who serve three-year terms. These directors are not elected; the majority are appointed by the Richmond Fed, and the rest are appointed by the Board of Governors. The branch board of directors chairman is selected from among those appointed by the Board of Governors.