The two chief men in a federal reserve bank are the federal reserve agent, whose duties have been stated in a preceding section, and the governor. The governor is the active operating officer of the bank. He supervises, through his subordinates, the details of operation, controls the personnel, devises internal organization, and executes the instructions of the board of directors by whom he is elected. Although he is hired on a commercial basis, the responsibilities of his position make him a public servant. The federal reserve agent is a government appointee and his salary is not so likely to represent his commercial worth. The question of the relative importance and honor of the two positions has been much discussed. They are approximately co-ordinate in rank, and their duties do not overlap or conflict.
On December 31, 1919, the employees of the twelve federal reserve banks numbered 9,393, of which New York had 2,896, and
Chicago, 1,199. The smallest force was that of Minneapolis, which had 287. The average salaries of officers ranged from $5,080 at Atlanta, to $10,540 at New York; and the average salary of employees ranged from $1,031 at Richmond, to $1,255 at San Francisco.