By Jason Keller
The Federal Reserve Board of Governors (the Board) announced on April 16, 2018, that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council (CAC). Community Development and Policies Studies (CDPS) – a division of the Economic Research Department of the Federal Reserve Bank of Chicago–is working with the Board to source candidates for the CAC from the Seventh District, which consists of Iowa as well as portions of Illinois, Indiana, Michigan, and Wisconsin.
Formed in 2015, the CAC advises the Board on issues affecting consumers and communities. The CAC serves as a mechanism to gather feedback and perspectives on a wide range of policy matters and emerging issues of interest to the Board as well as the 12 Federal Reserve Banks. The CAC is made up of a diverse group of experts representing interests including, but not limited to: affordable housing, community and economic development, employment and labor, financial services and related technology, wealth building, and small business. Two current CAC members are from the Seventh District and were highlighted last year on the CDPS blog: Bethany Sanchez and Rodrick Miller.
The CAC meets semi-annually with members of the Board in Washington, DC, and consists of 15 members. Its purpose is to provide a range of perspectives on the economic circumstances of consumers and communities, with a focus on the concerns of low- and moderate-income populations. It complements two of the Board’s other advisory councils – the Federal Advisory Council and the Community Depository Institutions Advisory Council – whose members represent depository institutions.
The Board is interested in candidates with knowledge of the aforementioned fields who serve (in some part) economically disadvantaged populations. Candidates do not have to be experts on all topics, but they should have some knowledge of these areas and related issues, and preferably a particular area of related expertise or knowledge. In appointing members to the CAC, the Board will consider a number of factors, including diversity in terms of subject matter expertise, geographic representation, and the representation of women and minority groups. In this application cycle, the Board welcomes applications from all geographies and areas of expertise, but is keenly interested in gaining perspectives of individuals involved in civil rights work, as well as labor-related topics and labor unions.
The Board will select six members in the fall of 2018 to replace current members whose terms will expire on December 31, 2018. The newly appointed members will serve three-year terms that will begin on January 1, 2019. If a member vacates the CAC before the end of the three-year term, a replacement member will be appointed to fill the unexpired term. CAC members must be willing and able to make the necessary time commitment to participate in organizational conference calls and prepare for and attend meetings two times per year (usually for two days). The meetings will be held in Washington, DC. The Board will provide a nominal honorarium and will reimburse CAC members for their travel expenses (subject to Board policy).
Candidates may submit applications by one of three options:
- Online: https://www.federalreserve.gov/secure/CAC/Application/
- Email: CCA-CAC@frb.gov
- Postal mail: If electronic submission is not feasible, submissions may be mailed to the Board of Governors of the Federal Reserve System, Attn: Community Advisory Council, Mail Stop I-305, 20th Street and Constitution Ave. NW, Washington, DC 20551
Additional information about the selection process, including instructions for submitting an application, can be found in the Federal Register notice.
For Further Information, contact:
Jennifer Fernandez (for questions nationally)
Community Development Analyst
Federal Reserve Board of Governors
Emily Engel (for questions from Illinois, Iowa, Indiana, Michigan, and Wisconsin)
Federal Reserve Bank of Chicago
The Board will accept applications through 11:59 PM EDT on June 15, 2018.