Are the District Banks federal agencies as well ? I know they have "board of directors" but are they agencies or di they have "shareholders" ? the bolded part below tells me that at least a portion of the directors represent private shareholder interests.... or ?
District Banks
There are 12 Federal Reserve Districts, or regions, throughout the United States. Regional headquarters are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Additionally, there are Branches of Reserve Banks in 25 other cities.
District Directors
Each of the 12 Reserve Banks has a board of nine directors. Each Bank's president is appointed by its board of directors and approved by the Board of Governors in Washington, D.C. Reserve Bank directors oversee the operations of their Bank and are subject to the overall supervision of the Board of Governors. The nine directors of each Reserve Bank are evenly divided into three classes, designated A, B, and C. Class A directors represent commercial banks that are members of the Federal Reserve System. Class B and Class C directors represent the public interest and cannot be officers, directors, or employees of any bank. Class B and Class C directors encompass the broad economic interests of the District, including industry, agriculture, services, labor, consumers, and the nonprofit sector. Class A and Class B directors are elected by member commercial banks in the District. Class C directors are appointed by the Board of Governors.
Each of the 25 Federal Reserve Branches has its own board of directors of five or seven members, depending upon the size of the Branch. A majority of the Branch directors are appointed by the Branch's District Reserve Bank; the remainder are appointed by the Board of Governors. |
