As part of the Federal Reserve Act, each of the 12 Reserve Banks is subject to the supervision of a nine-member board of directors.

Directors play a critical role in the effective functioning of the Federal Reserve System, supervising the administration of their respective Reserve Bank’s operations, performing an important corporate governance function, and providing insights to help inform FOMC deliberations.

Reserve Bank directors are an important connection between the Reserve Banks and their communities. As part of their role, directors are expected to contribute to the Federal Reserve System’s understanding of the diverse economic conditions across their District and the effect of those conditions on the overall economy.

The Federal Reserve Bank of Chicago also has a seven-member board of directors for its Detroit Branch office which also provides insights to help inform FOMC deliberations.

Learn more about the roles and responsibilities of Federal Reserve Directors.

The Federal Reserve Bank of Chicago releases minutes of its Board of Directors meetings with a minimum of a six-month lag. Documents are posted on a biannual basis in July and January of each year, starting in 2025.