The Federal Reserve System (or the Fed) is our country’s central banking system. Its functions include conducting the nation’s monetary policy, supervising and regulating banks and other financial institutions, maintaining the stability of the financial system and containing systemic risk, and providing financial services to the U.S. government. It’s comprised of the Board of Governors (Federal Reserve Board), located in Washington, D.C. and appointed by the president, and 12 regional Federal Reserve Banks. In 2015, the Federal Reserve Board created the Community Advisory Council (CAC).
The purpose of the Community Advisory Council is to bring diverse perspectives to the board, particularly offering the concerns of low- and moderate-income citizens and their financial services needs. From their website:
The Federal Reserve Board’s Community Advisory Council (CAC) is an advisory committee providing feedback and advice to the Board on issues affecting consumers and communities. The CAC is composed of a diverse group of experts and representatives of consumer and community development organizations and interests, including from such fields as affordable housing, community and economic development, employment and labor, financial services and technology, small business, and asset and wealth building.
You can see current CAC members here. You may notice that there are none from this area, or even our state. The Federal Reserve Board is now accepting applications from individuals who wish to be considered for membership on the council. Applications will be accepted through July 8, 2016 with the announcement of new members slated during the fall of 2016.
If you’d like to apply, you can fill out an online form here.