Federal Advisory Council

The Federal Advisory Council (FAC), which is composed of 12 representatives of the banking industry, consults with and advises the Board of Governors of the Federal Reserve System (Board) on all matters within the Board's jurisdiction. The FAC ordinarily meets four times a year, the minimum number of meetings required by the Federal Reserve Act. Each Reserve Bank annually selects one person to represent its District on the FAC, and members customarily serve three one-year terms.