As mentioned earlier, Congress provided that each Reserve Bank is controlled by its own board of directors and president, subject to the general oversight and approval authority assigned to the Board of Governors by the Federal Reserve Act. Under the act, the directors are required to perform the duties "usually appertaining to the office of directors of banking associations."
When Reserve Bank functions are consolidated, operations that once had been performed by a Reserve Bank under the direction of that Bank's board and president are now carried out on its behalf by another Reserve Bank, which has its own governance reporting chain running to its president and board of directors.