Each of the 12 Federal Reserve Banks is led by a local board of directors. The Board ensures broad and diverse views from the public are a part of the central bank’s monetary policy deliberations.The Kansas City Fed Board of Directors meets monthly to oversee the Reserve Bank’s operations and policies, and to confer on economic and banking developments. The directors also provide information on economic conditions within our seven-state regions as a part of the Kansas City Fed president’s preparation for Federal Open Market Committee meetings.
Director's responsibilities include establishing the Kansas City Fed’s discount rate (subject to review and determination by the Federal Reserve Board of Governors), which is the interest rate that’s charged to depository institutions on loans they receive from the Federal Reserve.
Director Roles & Responsibilities
The authority of the board of directors of a Reserve Bank is established in the Federal Reserve Act, which says that the Reserve Bank “shall be conducted under the supervision and control of a board of directors” and that directors “shall perform the duties usually appertaining to the office of directors of banking associations and all such duties as are prescribed by law.”
Directors commit to meetings, requiring significant preparation time on their part, to provide the Reserve Bank insight on current and emerging issues that cannot be found in the data and comes only from direct involvement with their local communities and businesses. Directors are reimbursed for travel expenses associated with meetings and receive only a modest stipend for their services.
Learn more about director roles and responsibilities.
View the bylaws of the Federal Reserve Bank of Kansas City.
In October 2011, the Government Accountability Office released its report on Reserve Bank governance. Learn more about the policies and requirements governing directors.
Director Resources and FAQs
- Should Bankers Serve on Federal Reserve Bank Boards of Directors?
- Banking, democracy and the critical balancing of power
- Regional connections to national policy: Directors offer local perspective
- What is the Federal Reserve's governance structure?
- Can't these responsibilities be better handled entirely by a government agency?
- Who are the directors?
- Don't directors of the regional Reserve Banks naturally have conflicts of interest as private business people?
- How do directors assume their positions?
- Would the bankers who serve as directors have conflicts?
- Why is it important to have a banking perspective on a Reserve Bank’s board?
- The Reserve Bank’s Board of Directors appoints Reserve Bank presidents: Isn’t it a bad idea to have private citizens appointing other private citizens to positions that play such an important role in national policy?
Meet Our Directors
Just as the Federal Reserve's mission areas are a blend of various components, the nine director seats on each Federal Reserve Bank's Board are filled through a variety of methods. Learn more about Class A, B and C directors' designations.
There are nine directors from around the region with a range of backgrounds, including community development, business, banking, organized labor and entrepreneurship. They serve staggered three-year terms. The Kansas City Fed's three Branch offices in Denver, Oklahoma City and Omaha each have its own seven-member board of directors who serve staggered three-year terms. They provide their respective Branch executives, who are economists, with insight on regional economic conditions and offer advice and counsel. Four directors are appointed by the Kansas City Fed and three are appointed by the Federal Reserve Board of Governors.
Regional Relationships & National Policy
The Board of Directors of a Federal Reserve Bank is filled through a unique blend of appointed and elected positions; thereby offering a valuable perspective encompassing the broad interests of banking, commerce, manufacturing, agriculture, services, labor and consumers. View our Class A, B and C directors' designations.
Directors commit to meetings, requiring significant preparation time on their part, to provide the Reserve Bank insight on current and emerging issues that cannot be found in the data and comes only from direct involvement with their local communities and businesses. Directors are reimbursed for travel expenses associated with meetings and receive only a modest stipend for their services. To learn more, read our Regional Relationships, National Policy brochure.