The Federal Advisory Councils consist of one prominent banker
from each district. They meet on a quarterly basis in Washington and advise the
Board of Governors on banking matters. The advisory councils provide
additional avenues for regional and private sector participation in The System's
activities. Three of these committees advise the Board of Governors
directly, they are:
Federal Advisory Council -
Consists of one member from each Reserve District, usually a commercial banker.
Members meet four times a year with the Board of Governors to discuss economic
and banking matters.
Consumer Advisory Council -
Consists of legal specialists in consumer matters, academics and members
representing the interests of consumers and the financial industry.
Members meet with the Board three times a year on matters concerning consumers
and consumer protection laws.
Thrift Institutions Advisory Council
- Consists of representatives of savings and loan associations savings
banks and credit unions. Members meet with the Board three times a year to
provide information and views on the special needs and problems of thrift
institutions.
There are also advisory committees that consult with individual
Reserve Banks on matters such as agriculture and small business, and provide
grassroots input for monetary policy decisions.