In each district there is a Federal Reserve Agent, appointed by the Federal Reserve Board, who acts as chairman of the board of directors of a Reserve Bank, maintains a local office of the Federal Reserve Board, makes reports to that body and generally acts as its representative in that district. Thus the central Board is enabled to keep in close touch with business conditions in each district at all times and seasons.

The chief executive officer of each Reserve Bank is known as its governor, and is appointed as such by the directors of the bank. He presides at meetings of the executive committee, makes transfers of securities, and jointly with the cashier signs all certificates of stock of the bank. The other officers of each Reserve Bank (all chosen by the board of directors) consist of a first and second vice-governor and a secretary-treasurer or cashier.