Directors play a critical role in the effective functioning of the Federal Reserve System, supervising the administration of their respective Reserve Bank's operations, performing an important corporate governance function, and providing insights to help inform Federal Open Market Committee deliberations.
Reserve Bank directors are an important connection between the Reserve Banks and their communities. As part of their role, directors are expected to contribute to the Federal Reserve System’s understanding of the diverse economic conditions across their District and the effect of those conditions on the overall economy.
Get an overview of Boards of Directors in the Federal Reserve System, and meet the current members of our Board of Directors.
Documents
- The bylaws of The Federal Reserve Bank of Philadelphia
- Audit Committee Charter
- Management & Budget Committee Charter
- Nominating & Governance Committee Charter
- Guide to Conduct for Directors of Federal Reserve Banks and
Branches
Visit our About Us page for more information about our commitment to transparency.
Diversity and Our Board of Directors
The Reserve Bank boards function most effectively when they are constituted in a manner that encourages a variety of perspectives and viewpoints. The Federal Reserve System works to ensure Reserve Bank and Branch boards of directors reflect the communities they serve. Learn more about the background of our Board members in our latest OMWI report.
Director Classes
The Federal Reserve Act provides that Reserve Bank directors are divided into three classes — Class C, Class B, and Class A. Each class is comprised of three directors. Class C and Class B directors are appointed to represent the public with due, but not exclusive, consideration to the interests of agricultural, commerce, industry, services, labor, and consumers. Class A directors are elected to represent Federal Reserve member banks.
The Federal Reserve Board of Governors appoints Class C directors. Class C directors may not be an officer, director, employee, or stockholder of any bank — or a bank, financial, or thrift holding company. The Board of Governors also designates a board chair and deputy chair for each Reserve Bank from among that Bank’s Class C directors. The chair must have experience or familiarity with banking or financial services.
Federal Reserve member banks elect Class B and Class A directors. Class B directors are elected to represent the public, and they may not be an officer, director, or employee of any bank. Class A directors are elected to represent the member banks. They are prohibited from participating in the appointment of Reserve Bank presidents and first vice presidents, as well as decisions related to the performance and compensation of presidents and first vice presidents. In addition, they may not participate in the selection, appointment, and compensation of all Reserve Bank officers whose primary duties involve supervisory matters.
Class B and Class C directors represent the public with due, but not exclusive consideration to the interests of agricultural, commerce, industry, services, labor, and consumers.
Board of Governors policy prohibits Reserve Banks from providing confidential supervisory information to any director and excludes all directors from participating in any bank supervisory matters. Learn more about the roles and responsibilities of Federal Reserve Directors.