In our continued effort to provide greater transparency and be more accountable to the American people, we are making public certain information about our leadership, policies and governance. Our goal in providing this information is to help broaden the public's understanding of the role and responsibilities of the Richmond Fed.
Following President Jeffrey M. Lacker’s announcement that he will be retiring from the Richmond Fed on October 1, 2017, a search committee, led by Board Chair Margaret Lewis, has launched the search for a new president.
Under the Federal Reserve Act, each of the 12 Reserve Banks is separately incorporated with its own Board of Directors. In each Reserve District, commercial banks that are members of the Federal Reserve System own the stock of their District's Reserve Bank and elect the majority of the Reserve Bank's Board of Directors; the remainder of the directors are appointed by the Federal Reserve Board.
Our directors have operational roles and responsibilities similar to directors of private corporations. Directors of our Bank also have a special obligation to maintain the integrity, dignity and reputation of the Federal Reserve System. At the System level, the Board of Governors' policies govern the eligibility and conduct of Reserve Bank directors. For example, certain directors cannot be affiliated with, or hold stock in, financial institutions.
The Boards of Directors for the Federal Reserve Bank of Richmond and our two branch offices have bylaws that govern their responsibilities and actions. At the local level, our bylaws limit director oversight of our supervision and regulation of financial institutions.
Directors of the Federal Reserve Bank of Richmond serve on one or more of five Board committees: the Audit Committee, Executive Committee, Committee on Human Resources, Committee on Planning and Operations, and the Information Technology Committee.
As part of our nation's central banking system, we have a responsibility to maintain the public's trust. Our Code of Conduct requires all employees to comply with standards of conduct and ethics. In addition, our senior officials have special responsibilities to uphold our integrity, which are outlined in the Voluntary Guide to Conduct for Senior Officials from the Federal Reserve Administrative Manual. Our Code of Conduct also requires our Reserve Bank president to disclose annually his personal finances, outside activities and other information.