The Federal Reserve Act provides that Reserve Bank directors are divided into three classes-Class C, Class B, and Class A. Each class is comprised of three directors.

Class C and Class B directors are appointed to represent the public with due, but not exclusive, consideration to the interests of agricultural, commerce, industry, services, labor, and consumers. Class A directors are elected to represent Federal Reserve member banks.

The Federal Reserve Board of Governors appoints Class C directors. Class C directors may not be an officer, director, employee, or stockholder of any bank—or a bank, financial, or thrift holding company. The Board of Governors also designates a board chair and deputy chair for each Reserve Bank from among that Bank's Class C directors. The chair must have experience or familiarity with banking or financial services.

Federal Reserve member banks elect Class B and Class A directors. Class B directors are elected to represent the public, and they may not be an officer, director, or employee of any bank. Class A directors are elected to represent the member banks. They are prohibited from participating in the appointment of Reserve Bank presidents and first vice presidents, as well as decisions related to the performance and compensation of presidents and first vice presidents. In addition, they may not participate in the selection, appointment, and compensation of all Reserve Bank ofhcers whose primary duties involve supervisory matters.

Class B and Class C directors represent the public with due, but not exclusive consideration to the interests of agricultural, commerce, industry, services, labor, and consumers.

A Reserve Bank’s Branch board is divided into two groups: Four members are appointed by the Reserve Bank head office board, and the remaining three members are appointed by the Board of Governors. Branch directors appointed by the Reserve Bank must satisfy the same eligibility requirements as either Class A or Class B directors. Branch directors appointed by the Board of Governors must meet the same eligibility requirements as Class B directors. The head office board of directors appoints the Chair of the branch board, selecting from among those directors appointed by the Board of Governors.

Board of Governors policy prohibits Reserve Banks from providing confidential supervisory information to any director and excludes all directors from participating in any bank supervisory matters. Learn more about the roles and responsibilities of Federal Reserve Directors.