(a) Members, chairman, vice
chairman. The Board consists of seven members appointed by the
President, by and with the advice and consent of the Senate, for 14-year
terms. The members of the Board are required by law to devote their
entire time to the business of the Board. One member is designated
by the President as chairman and one as vice chairman, to serve in
those positions for terms of four years. At meetings, the chairman
presides or, in the chairman’s absence, the vice chairman presides.
In the absence of the chairman and vice chairman, the member of the
Board present with the longest service acts as chairman. The chairman
of the Board, subject to its supervision, is its active executive
officer. The Board meets regularly to consider matters related to
monetary and credit policies, its regulatory and supervisory duties
under various statutes, and administrative and other questions related
to its responsibilities.
(b) (1) Quorum. Four Board
members constitutes a quorum of the Board for purposes of transacting
business except that, if there are three or fewer Board members in
office, then a quorum consists of all Board members currently in office.
If a Board member is recused or disqualified from participating in
a matter, the member shall not be counted for purposes of calculating
the quorum for that matter.
(2) Exigent circumstances. In an emergency
situation, a quorum of the Board consists of a majority of the Board
members in office. An emergency situation exists when action on a
matter is necessary to prevent, correct, or mitigate serious harm
to the economy or the stability of the financial system, and action
is required before the full Board can convene.
(c) Location and business hours. The
principal offices of the Board are at 20th Street and Constitution
Avenue, N.W., Washington, D.C. 20551. The public entrance is at 20th
and C Streets, N.W. The Board’s regular business hours are from
8:45 a.m. to 5:15 p.m. each weekday, but its business hours may be
changed from time to time.
(d) Public
information. Public information about the Board and its actions
may be obtained from the Freedom of Information Office at the principal
offices of the Board during regular business hours or from the Board’s
Internet site at www.federalreserve.gov. Requests for information
or submissions to the Board may be sent to the secretary of the Board
at its principal offices.
