Federal Reserve Structure

The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States

The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed. Feb 21, 2018

There are twelve Federal Reserve Banks, one in each of the twelve Federal Reserve Districts (see map of the Federal Reserve System).

·       1st District, Boston. Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont

·       2nd District, New York. New York State, twelve counties in northern New Jersey, Fairfield County in Connecticut, Puerto Rico, and the Virgin Islands

·       3rd District, Philadelphia. Eastern Pennsylvania, southern New Jersey, and all of Delaware

·       4th District, Cleveland. Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

·       5th District, Richmond. Maryland, Virginia, North Carolina, South Carolina, and most of West Virginia

·       6th District, Atlanta. Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee

·       7th District, Chicago. Iowa and most of Illinois, Indiana, Michigan, and Wisconsin

·       8th District, St. Louis. Arkansas and portions of six other states: Missouri, Mississippi, Tennessee, Kentucky, Indiana, and Illinois

·       9th District, Minneapolis. Minnesota, Montana, North Dakota, South Dakota, twenty-six counties in northwestern Wisconsin, and the Upper Peninsula of Michigan

·       10th District, Kansas City. Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and Western Missouri

·       11th District, Dallas. Texas, northern Louisiana, and southern New Mexico

·       12th District, San Francisco. Nine western states--Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--and American Samoa, Guam, and the Northern Mariana Islands

Under the Federal Reserve Act, the president of a Federal Reserve Bank is the chief executive officer of the Bank. He or she is appointed by the individual Bank's board of directors, with the approval of the Board of Governors, for a term of five years.

The terms of the presidents of the twelve Reserve Banks run concurrently, ending on the last day of February in years ending with 1 and 6 (for example, 2001, 2006, and 2011). The appointment of a president who takes office after a term has begun ends with the end of that term. A Reserve Bank president may be reappointed after serving a full term or a partial term. Reserve Bank presidents are subject to mandatory retirement upon becoming 65 years of age. However, a president initially appointed after age 55 may, at the option of the Bank's board of directors, serve until attaining ten years of service in the office or age 70, whichever comes first.

https://www.richmondfed.org/faqs/frb

Those involved in the Federal Reserve System are Bankers. They function within the “managed economy system”. Trump needs to appoint more “originalists” who understand the free market economy from Mises Institute.

Norb Leahy, Dunwoody GA Tea Party Leader