Federal Advisory Council Law and Legal Definition

Federal Advisory Council is a group of banking executives that advises the Board of Governors of the Federal Reserve System on implementing the Federal Reserve's bank policies. The Council consists of twelve members, one of whom is elected by the board of directors of each of the Federal Reserve districts. Positions on the Federal Advisory Council are determined by a voting process within each Federal Reserve District, with representatives often being elected to more than one term. Federal Advisory Council meetings take place at least quarterly in Washington D.C., with increasing frequency in times of financial crisis.