Federal Reserve Board

The 12 Federal Reserve banks are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The powers of these central banks include transferring funds, handling government deposits and debt issues, supervising and regulating banks, and acting as lenders of last resort. The 25 branches of these banks are located throughout the country. Along with supervising these member banks, the board has jurisdiction over the administration of other state banks and trust companies. The board may also grant authority to member banks to establish branches in foreign countries or dependencies or insular possessions of the United States.

The board of governors elects directors and officers of the Reserve banks. These representatives are divided into three classes. Class A directors and officers represent the Federal Reserve's stockholding member banks. Class B directors and officers are elected from various industries or banks within their districts to represent the interests of their districts' economies. The six Class A and six Class B directors are elected by the stockholding member banks. Class C directors hold no office or position in any bank. They are elected by the board of governors to terms in office that are arranged to expire, in conjunction with the terms of office in the A and B classes, in alternating years. Class C directors work in consultation with the other directors and fill vacancies as necessary.