Each reserve bank is supervised and controlled by a board of directors of nine members, holding office three years and divided into classes A, B, and C, of three members each. The directors owe their appointment to different agencies, and represent very comprehensively the business interests of the country. Class A members are chosen by and represent the stockholding banks; class B members at the time of their election must be actively engaged in their district in commerce, agriculture, or some other industrial pursuit; and class C members are designated by the Federal Reserve Board.

No member of Congress may be a director of a federal reserve bank. No class B director may be an officer, director, or employee of any other bank. No class C director may be an officer, director, employee, or stockholder of any other bank. These provisions against interlocking directorates were designed to insure impartiality and to prevent the control of the policy of a reserve bank from falling into the hands of persons with adverse interests.