Editing Federal Reserve (section)

==== Role and Responsibilities ====
The FAC serves as a critical link between the Federal Reserve System and the private banking sector, offering non-binding recommendations on monetary policy, banking regulations, and economic conditions. Unlike the [[Federal Open Market Committee]] (FOMC), the FAC has no decision-making authority but provides a formal channel for bankers to share practical insights from their districts. Its discussions often cover topics such as credit availability, interest rate trends, financial stability, and emerging risks in the banking system. For example, the FAC has historically advised on issues like the implementation of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd-Frank Act]] and responses to economic crises, including the [[2008 financial crisis]].<ref>Board of Governors of the Federal Reserve System, “Federal Advisory Council,” www.federalreserve.gov, accessed April 18, 2025.</ref>

The Council’s recommendations are submitted in writing to the Board of Governors after each meeting and are included in the Board’s annual report to [[United States Congress|Congress]]. These reports provide a public record of the FAC’s views, though detailed minutes of discussions remain confidential to encourage candid exchanges. The FAC’s advisory role complements the Board’s data-driven analyses by incorporating real-world perspectives from commercial banking operations.<ref>Federal Reserve Board, “Annual Report to Congress,” 2024, www.federalreserve.gov/publications/annual-report.htm.</ref>