WASHINGTON (1/20/15)--The Federal Reserve Board is forming a new advisory council that will be made up of individuals with consumer- and community development-related expertise.
The new Community Advisory Council (CAC) will provide information, advice, and recommendations to the board on a wide range of relevant policy matters and emerging issues of interest, the Fed said in an announcement Friday.
The Fed intends to hold the first meeting of the new advisory panel here in the fourth quarter of the year and then meet semiannually. The CAC members' role will be to "offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations."
Fifteen will be selected by the Fed board through a public nomination process and the CAC members will serve staggered three-year terms. Information regarding the nomination process will be provided soon.