By statute, the Board is comprised of nine Directors, three in each of three Classes. Class A directors are elected by, and are representative of, stockholding banks. Usually they are officers or directors of the member banks, and must be residents of the District. Class B directors are also elected by the stockholding banks. However, Class B directors represent the public with due consideration to the interests of agriculture, commerce, industry, services, labor and consumers, and may not be an officer, director or employee of a bank. Class C directors are appointed by the Board of Governors and cannot be an officer, director, employee or stockholder of a bank.
Directors are appointed or elected without discrimination on the basis of race, creed, sex or national origin but, they must be citizens of the United States. The business and financial interests of directors should be primarily within, and representative of, the Bank or branch territory for which they are selected rather than representative of interests controlled or owned outside of that territory. Directors should be people of established reputation able to meet their financial obligations. There is a strong preference for director candidates who can be identified principally with an organization or with some form of activity that demonstrates, through continuing experience or by level of responsibility, a thorough knowledge of some sector of the economy that will enhance the probability that the individual will make a contribution to the System.
The actual election process begins with the nomination of candidates. Nominations are requested from banks within the groups entitled to vote in the particular election. At the same time, these banks are advised of the names of candidates suggested by the Advisory Committee. Banks in these groups then submit nominations for election. Once the nomination period is closed, the balloting begins among the banks eligible. Upon the closing of the polls, all eligible ballots cast are counted and the results of the election are announced to member banks and the public.