Our Governance
Along with the other Reserve Banks, we help carry out the Fed's day-to-day operations and are governed by our own Board of Directors. We are also subject to general supervision by the Board of Governors, which provides additional oversight and accountability through a set of checks and balances.
The Fed provides a wealth of information to the public through regular reporting, reviews and communications, including detailed financial statements for each Reserve Bank. This transparency and accountability is important as part of our public service responsibility.
Board of Directors
Under the Federal Reserve Act, each of the 12 Reserve Banks is separately incorporated with its own Board of Directors. In each Reserve District, commercial banks that are members of the Federal Reserve System own the stock of their District's Reserve Bank and elect the majority of the Reserve Bank's Board of Directors; the remainder of the directors are appointed by the Federal Reserve Board.
Our directors have operational roles and responsibilities similar to directors of private corporations. Directors of our Bank also have a special obligation to maintain the integrity, dignity and reputation of the Federal Reserve System. At the System level, the Board of Governors' policies govern the eligibility and conduct of Reserve Bank directors. For example, certain directors cannot be affiliated with, or hold stock in, financial institutions.
The Boards of Directors for the Federal Reserve Bank of Richmond and our two branch offices have bylaws that govern their responsibilities and actions. At the local level, our bylaws limit director oversight of our supervision and regulation of financial institutions.
Committee Charters & Memberships
Directors of the Federal Reserve Bank of Richmond serve on one or more of three Board committees: the Audit and Risk Committee, the Executive Committee and the National Information Technology Committee.
Board of Governors
We’re also accountable to and supervised by the Federal Reserve System’s Board of Governors through a set of checks and balances.
Code of Conduct
As part of our nation's central banking system, we have a responsibility to maintain the public's trust. Our Code of Conduct requires all employees to comply with standards of conduct and ethics. In addition, our senior officials have special responsibilities to uphold our integrity, which are outlined in the Voluntary Guide to Conduct for Senior Officials from the Federal Reserve Administrative Manual. Our Code of Conduct also requires our Reserve Bank president to disclose annually his personal finances, outside activities and other information.
Transparency and Accountability
As part of our commitment to maintain the public trust and promote a better understanding of our mission and actions, we adhere to our Transparency and Accountability Policy, which allows certain kinds of information to be made available to the public upon request.