The Federal Reserve Bank of New York, in its ongoing efforts to increase transparency, today announced that it will release the minutes of its Board of Directors meetings.
The releases will include minutes for the in-person Board meetings, the bi-weekly conference calls, and the board committee meetings with the exception of the meetings of the Audit and Risk Committee. The release of minutes of the Audit and Risk Committee could impair the effectiveness of the Bank’s risk and audit-related controls. As captured in the minutes of the in-person meetings, the chair of the Audit and Risk Committee regularly reports to the full board.
These postings will take place on a bi-annual basis in June and December of each year. The minutes will be posted with a minimum of a six-month lag. This new policy will apply retroactively to January 2007. Today’s posting includes minutes for meetings held January 2007 through June 2012. The next posting, in June 2013, will include minutes for meetings held in July 2012 through December 2012. The Bank’s bylaws and board committee charters are available on the Bank’s website.
Board of Directors Minutes »
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.