Alongside of the Reserve Board, is placed a Federal Advisory Council, consisting of one member from the board of directors of each of the twelve district banks.

This council has only the power to confer with, make representations and recommendations to, and call for information from, the Federal Reserve Board.
Sec.3.

#Federal reserve banks#.

The twelve Federal reserve banks which opened for business November 16, 1914, are of a type of institution new in our financial history.

They are "banks for banks" belonging to the system in their respective districts.