How are Fed boards of directors appointed?
Each Federal Reserve Bank is an incorporated institution with its own board of directors. The board consists of nine members representing three classes. Three Class A representatives are chosen from small, medium, and large banks. Three Class B representatives come from professions other than banking. These six people are elected by member banks in the district. The Board of Governors selects three Class C directors; one of these directors is chairman of the board, and another is deputy chairman. Class B and C directors cannot be officers, directors, or employees of a bank. Class C directors cannot be stockholders of a bank.
