There shall be established a Federal Reserve System Labor Relations
Panel, which shall consist of three members: one member of the Board of
Governors of the Federal Reserve System, who shall be chairperson of the
panel, and two public members. Each member shall be selected by the Board of
Governors; provided, however, that the public members shall not have any
present or past affiliation with the Federal Reserve System. Initially, one
of the two public members shall be appointed for a term of two years, and the
other for a term of three years. Thereafter, each public member shall be
appointed for a term of three years, except that in the case of an unexpired
term of a former member, the successor shall be appointed to fill such
unexpired term. Upon the expiration of their term of office, public members
may continue to serve until their successors are appointed and have
qualified. A public member may be removed by the Board only upon notice and
hearing, and only for neglect of duty or malfeasance in office. The panel
shall be responsible for the duties assigned to it as set forth in this
policy.
