Governance

The Federal Reserve Bank of San Francisco was established under the Federal Reserve Act in 1914 and is subject to the general oversight and supervision of the Board of Governors of the Federal Reserve System, in Washington, D.C. As part of the Federal Reserve Act, each of the 12 Reserve Banks, including the San Francisco Fed, is subject to the supervision of a nine-member board of directors. Each of the SF Fed’s four branches in Los Angeles, Portland, Salt Lake City, and Seattle also has a separate seven-member branch board. The duties and responsibilities of the head office directors are set forth in the Federal Reserve Act, the San Francisco Fed’s bylaws, the charters for the directors’ committees, and Board of Governors’ policies.

For audited financial statements, please visit the Board of Governors’ Fed Financial Statements page.