Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Tutoring
  • Home
  • Economics, Finance, & Analytics
  • Banking, Lending, and Credit Industry

Federal Advisory Council - Explained

What is a Federal Advisory Council?

Written by Jason Gordon

Updated at April 18th, 2022

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More

Table of Contents

What is a Federal Advisory Council?How Does a Federal Advisory Council Work?

What is a Federal Advisory Council?

The Federal advisory council or (FAC) is an organized body that makes consultations with and advises the Federal Reserve Board of Governors on matters pertaining to the banking industry as well as money supply. FAC comprises 12 representatives from the banking industry, each from the 12 Federal Reserve districts. The council meets four times in a year at Washington DC to make recommendations for potential policy changes and also advise the Federal Reserve Board on the banking industry. The 12 banking executives in the Federal Advisory Council are selected by the 12 Federal Reserve Banks or districts. Individuals can take up positions on the count after a series of voting at the district level. 

Back to:BANKING, LENDING, & CREDIT INDUSTRY

How Does a Federal Advisory Council Work?

There are three formal bodies that advise and give recommendations to the Federal Reserve Board on fiscal policy, money supply, and the banking industry. They are;

  • The Federal Advisory Council
  • The Consumer Advisory Council, and
  • Thrift Institutions Advisory Board

Amongst these three formal bodies, FAC is considered the most influential given that it comprises banking executives who offer broad insights into matters pertaining to money supply and the banking industry and their effects on the economy. The 12 executives on the council have key knowledge about the financial condition of the country and ways to forge ahead.

federal advisory council

Was this article helpful?

Yes
No

Related Articles

  • Merchant Category Codes - Explained
  • Compound Interest - Explained
  • National Association of Mortgage Brokers - Explained
  • Capital Requirements (Banking) - Explained



©2011-2023. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand