The Federal Reserve Bank of Atlanta was established under the Federal Reserve Act in 1914 and is subject to the general oversight and supervision of the Board of Governors of the Federal Reserve System, in Washington, D.C. Duties and responsibilities of head office and branch directors are outlined in the Federal Reserve Act, Board of Governors' policies governing directors, Atlanta and branch bylaws, and committee charters. Sixth District boards meet eight times a year, approximately every six weeks, ahead of each meeting of the Federal Open Market Committee.
Ours is a very large country and economy, with many different people living a diverse set of experiences. Given this, the Fed will better fulfill its mandate when it has a deep understanding of these varied experiences, which is best achieved by hearing directly from the people living them. It's therefore important that our directors represent this broad diversity along demographic, geographic, sectoral and industry dimensions. Our directors tell us about how they are managing their businesses, and offer insights regarding the experiences of their employees, the different stressors and opportunities that drive changes in their strategies and approaches, and the issues affecting their local communities. We leverage these varied, diverse perspectives in our policy deliberations.
--Raphael Bostic, Atlanta Fed President and CEO
Below is some additional information about our boards.
Frequently Asked Questions:
How many directors are there?
Each of the 12 regional Reserve Banks is supervised by a nine-member board of directors. Each branch also has its own board of directors. In the Sixth District, our five branches in Birmingham, Jacksonville, Miami, Nashville, and New Orleans each have a seven-member board.
What do directors do?
Head office directors
- Participate in the formulation of national monetary and credit policies
- Act as a link between the Federal Reserve and the community
- Oversee the general management of the Reserve Bank, including its branches
Another principal responsibility of each head office board is to select their regional Reserve Bank president. The 2010 DoddâFrank Act specifies that only Class B and Class C directors (the non-banker directors) may participate in the presidential appointment process. Regional Fed presidents serve as the chief executives of their banks and are members of the Federal Open Market Committee.
Branch directors
- Participate in the formulation of national monetary and credit policies
- Act as a link between the Federal Reserve and the community.
Directors are not involved in any matters related to banking supervision, including specific supervisory decisions.
Who are the Reserve Bank directors?
Reserve Bank directors are selected from a diverse array of businesses and community organizations in each District. Across the Fed system, directors represent every region of the country and every sector of the economy. Directors are selected based on their deep knowledge of economic conditions in the District, commitment to community service, and interest in and dedication to the Fed's public service mission. Directors' diverse backgrounds and experiences mean a variety of viewpoints are considered as part of the Federal Reserve's formulation of national monetary policy. For information on diversity demographics and sector representation of Reserve Bank directors across the System, please see the Board of Governors' website.
What are the eligibility requirements of directors?
All directors are subject to eligibility and conduct rules established by the Federal Reserve Act and the Board of Governors. These statutory and policy provisions serve important purposes such as protecting against actual and perceived conflicts of interest, which is critical to maintaining the public's confidence in the integrity of the Federal Reserve.
How are directors appointed?
There are three classes of Reserve Bank directors. Class A consists of three directors chosen by, and representative of, the stockholding member banks. Class B consists of three directors elected by the member banks to represent the public. Class B directors are chosen from a wide variety of industry sectors. Class C consists of three directors appointed by the Board of Governors to represent the public interest. Class C directors also represent a variety of industry sectors. Atlanta directors have the responsibility of appointing four directors to each branch, with the Board of Governors appointing the remaining three. Branch directors can come from any industry
For the election of the six Class A and Class B directors, member banks of each District are classified into three groups based on their amount of capital. Each group of banks nominates and votes for one Class A director and one Class B director.
What is a member bank?
More than one-third of U.S. commercial banks are members of the Federal Reserve System. National banks must be members; state-chartered banks can join by meeting certain requirements. Member banks are divided by size into three electoral groups and are responsible for electing Class A and B members of the Atlanta board of directors.
How are board chairs designated?
Each year, the Board of Governors designates one Class C director at each Reserve Bank as chair of the Bank's board of directors, and a second Class C director as deputy chair.
One of the directors appointed by the Board of Governors at each Branch is designated annually as the chair of the Branch board.
What committees do directors participate in?
Committee assignments vary by district. The Atlanta Fed has two standing committees for Atlanta directors. The Audit and Operational Risk Committee consists of a minimum of three directors serving one-year terms. The Executive Committee consists of the three Class C directors whom the Board of Governors has appointed.
The Audit and Operational Risk Committee oversees the Bank's internal and external audit function to ensure independent and objective assessment of the Bank's risk management, control, compliance, and governance processes.
The Executive Committee has responsibility to direct certain business matters of the Bank, subject to the supervision of the full board of directors.
How long do directors serve?
Reserve Bank directors are elected or appointed for staggered three-year terms. When a director leaves before a term is completed, the replacement director serves the unexpired portion of that term. Directors may serve two terms or a maximum of seven years.