d) Federal Advisory Council (FAC)
The Federal advisory Council declared on September 30, 1913 on the floor of the House that the interest of the public would be protected by an advisory council of bankers through Act. The Federal Advisory Council is one of three formal bodies that advise the Federal Reserve Board on its operations, the others being the Consumer Advisory Council and the Thrift Institutions Advisory Board, which are comprised of executives from credit unions, saving and loans, and mutual banks. Of the three advisory councils, the Federal Advisory Council is considered the most influential because it provides the Federal Reserve Board with the broadest insight into the state of the banking system. The Federal Reserve Act will furnish the bank and industrial and commercial interests with the discount of qualified commercial paper and thus stabilize their commercial and industrial life. The Federal Reserve banks are not intended as money making banks, but to serve a great national purpose of accommodating commerce and businessmen and banks, safeguard a fixed market for manufactured goods, for agricultural products and for labor.
The FAC’s main obligation is to’’ advise’’ to Board of Governs of the Fed regarding the state of the banking industry and money supply .Also Governors on decisions of monetary policy which affected the daily lives of every person in the United States and foreign countries. The council meets 4 times a year, the minimum number of meetings required by the Federal Reserve Act. These meetings are always held in Washington, D.C. Each year, each Reserve Bank chooses one person to represent its District on the FAC, and members customarily serve three one-year terms. The members elect their own officers that list of bankers who worked most closely with the "big five" banks of New York, and who were their principal correspondent banks,