The Act provides for a Federal Advisory Council of twelve members (one representing each Federal Reserve District) who are appointed respectively by the directors of the Reserve Banks for a term of one year. This Council meets at least four times a year in Washington, D. C, and is empowered to confer with the Federal Reserve Board on general business conditions; to make oral or written representations concerning matters within the jurisdiction of the Board, and to call for information and make recommendations in regard to discount rates, rediscount business, note issues, reserve conditions in the various districts, the purchase and sale of gold or securities by Reserve Banks, and the general affairs of the reserve banking system.