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Governance & Transparency

Congress created the Federal Reserve in 1913 with 12 individual Reserve Banks, overseen by a seven-member Board of Governors in Washington, D.C. The Fed’s unique public/private structure operates independently within government but not independent of it. Fed Governors are appointed by the President of the United States and confirmed by the Senate and serve 14-year terms to encourage a long-term perspective and to shelter them from partisan politics. Federal Reserve Bank presidents are selected in a nonpolitical process by their boards of directors, subject to the approval of the Board of Governors in Washington.

The Dallas Fed has a nine-member board of directors selected to represent a cross-section of banking, commercial, agricultural, industrial, service, labor, consumer, and public interests within the Eleventh Federal Reserve District. The Board of Governors has established policies regarding the roles and responsibilities of Reserve Bank directors.

Within this framework, the Dallas Fed’s board operates under a set of bylaws and has established standing committees: Audit; Budget Planning; and Nominating and Governance.

Recognizing that the Federal Reserve is ultimately accountable to the American people, the Fed has steadily improved transparency about its actions in recent years. In that spirit, the Dallas Fed is posting its Code of Conduct.

In addition, all Federal Reserve Bank presidents are required to file financial disclosure reports annually with their Bank's ethics officer. View financial disclosures on our Ethics and Values page.