Federal Reserve Advisory Council
The Advisory Council on Small Business, Community and Economic Development, Agriculture and Labor comprises diverse leaders who are experts in a broad range of industries or come from organizations that serve vulnerable populations. Council members advise Bank leadership about current economic conditions and emerging issues in their industries and communities. These discussions help inform Fed leadership who then contribute to national monetary policy decisions.
- Small Business
- Community and Economic Development
- Workforce Development
- Rural Development
- Community Development Finance
- Public Health
- Consumer Protection
- Broad network of contacts in industry or community across the Seventh District (Illinois, Indiana, Iowa, Michigan, Wisconsin)
- An organizational leader who is willing to share perspectives on local economic and socioeconomic issues and conditions
- Two-year term
- Two half-day meetings per year convened by the Chicago Fed President and other Bank executives.
“The Fed has access to numerous data resources, but data alone can’t tell the full story of the state of the
economy. Our council members offer a range of timely, “boots on the ground” perspectives that help us
people and businesses are doing across our District. We use that information to guide our policy
—Anna Paulson, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
The goal of the council is to advise bank staff and leadership on current economic conditions and economic developments affecting small business, agriculture and labor markets, as well as a cross section of community development issues affecting low- and moderate-income (LMI) communities.
All council members will be chosen through an open application process. We seek diverse representation from across the Seventh Federal Reserve District. A map of the district can be found here. Applications should include an updated resume, brief bio, and statement of intent not to exceed 300 words. The application can be found here.
The Chicago Fed is interested in candidates with direct knowledge of current economic conditions related to employment and labor (including labor representatives, staffing firms, advocacy organizations, and hiring professionals), the small business environment, agricultural conditions and developments, and community and economic development. Applicants should reside in the Federal Reserve’s Seventh District and have expertise related to economic activity within the states that comprise the Seventh District.
We plan to have two sub-councils each with 12-15 members. One will focus on Small Business, Agriculture and Labor and one on Community and Economic Development. For a portion of each meeting the sub-councils will meet separately and for a portion they will meet together with Chicago Fed senior management.
You may reach out to the individual with the application link or send contact information for the person to firstname.lastname@example.org. Please specify which of the sub-councils – Small Business, Agriculture and Labor or Community and Economic Development – for which you believe the person is most qualified.
Council members serve a two-year term that begins and ends in March.
The council will meet twice annually, and members are expected to participate in these meetings, which will include an economic update from Fed staff. Ahead of the meeting, council members will receive a set of questions to help in providing their perspectives at the upcoming meeting. Council members are encouraged but not required to submit written responses ahead of the meeting.
Subject to Reserve Bank policy, travel and lodging expenses will be reimbursed.