Federal Reserve Bank

12 Pages 3123 Words

dent and first vice president. Member banks (including all nationally chartered banks and state-chartered banks that meet elect six directors—three class A, representing the banking industry, and three class B—
Certain requirements); three class C directors (including the chairman and deputy chairman) are appointed by the Board of Governors. Class B and C directors represent agriculture, commerce, industry, labor, and services in the District; they cannot be officers, directors, or employees of a bank; class C directors cannot be bank stockholders.
Branch bank's boards have five or seven directors; head-office directors and the rest appoint the majorities by the Board of Governors. Monitor national and international economic conditions and provide information on their Districts that
the System needs to formulate monetary policy. Hold reserve balances for and serve as "lender of last resort" to depository institutions; directors establish the discount rate charged on such loans, subject to approval by the Board of Governors. Examine and...