Board of Directors & Councils
Sections
Map of the Third Federal Reserve District
Other Federal Reserve Locations 
Board of Directors
The Reserve Bank directors have several important duties in addition to overseeing Bank operations:
- They set the discount rates Reserve Banks
charge on loans to depository institutions (subject to approval by the Board of
Governors
).
- They elect Reserve Bank presidents (also subject to approval by the Board of Governors).
- They provide Fed officials with considerable "grass roots" information on business, agricultural, and financial conditions.
Councils
Each Reserve Bank also has councils whose members are drawn from community banks, credit unions, and business and agricultural firms. Meetings between council members and the Bank's senior officers provide a venue for exchanging important information about local business and the economy.
