Last night I attended a dinner with the Bank's current directors as well as many former members of the Bank's board. Nationally, 278 private citizens – including business people, bankers, nonprofit executives, and community, agricultural and labor leaders – serve on the boards of our 12 Banks and their Branches.
These individuals provide us with extensive and current information about economic conditions from a unique local perspective. Often, they provide an early warning of shifting economic conditions before they show up in official government statistics. I commend them for their service to both the central bank and our nation.