As part of the Federal Reserve Act, each of the 12 Reserve Banks has a nine-member board of directors. Our directors oversee Reserve Bank operations, serve on Board committees, and provide diverse perspectives on local economic conditions to help inform Federal Open Market Committee deliberations. Our branch offices in Baltimore and Charlotte also have seven-member boards of directors who contribute additional economic insights and connections to the communities we serve.

The Federal Reserve Act requires that member banks elect three directors to represent banks and three directors to represent the public. The Federal Reserve Board of Governors appoints an additional three directors, also to represent the public. Branch directors are appointed by the head-office board and by the Board of Governors.

Board of Governors policy prohibits directors from receiving any confidential supervisory information or participating in any bank supervisory matters. Additionally, directors representing member banks do not participate in selecting Reserve Bank presidents and first vice presidents, or in selecting Reserve Bank officers whose primary duties involve supervisory matters.

Meeting minutes from monthly Board of Directors meetings are released in six-month batches six months after the meetings have occurred. 

More information, including the boards’ structure and composition; directors’ roles and responsibilities; and polices governing their service is available on the Board of Governors’ website.