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Unformatted text preview: lis – Helena Kansas City – Denver – Oklahoma City – Omaha Dallas – El Paso – Houston – San Antonio San Francisco – Los Angeles – Portland – Salt Lake City – Seattle 3 4 9 10 5 11 6 12 BOARD OF DIRECTORS
The Federal Reserve Banks are not under the control of any government agency, but each Reserve Bank is under a board of directors, composed of nine members who represent business, the banking industry, and the general public in their Federal
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Reserve district. The directors are classified as A–, B– or C–class directors. Class A members can, come from the banking community of the district, class B members can represent the borrowers of the district, and class C Directors will represent the general public. Class B and class C directors cannot be connected to the banking industry in any way, including the owning of bank stocks. The members of the board are primarily chosen by the banking community in the district. Class A and class B directors are elected by the member banks, and the selection process sees that all sizes of banks are represented. Class C members are selected by the board of governors of the Federal Reserve. As in any other corporation, the board of directors selects the president and the vice– president, and the board of the Reserve bank will choose the members of boards of any branch bank established in their district. This process ensures that the branch banks reflect the needs of the areas they serve. BOARD OF GOVERNORS
The board of governors has supervisory control over all of the Reserve banks throughout the system. The members are appointed by the President of the United States with the advice and consent of the Senate. The board is composed of seven individuals who each serve for a term of 14 years. These appointments are staggered so that only one term expires every other year. In order for the board to be truly representative of the whole system, the President tries to appoint only one member from each district. The board...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10