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RETAINED EARNINGS: Officially termed undistributed corporate profits, these are corporate profits that are neither paid as corporate profits taxes nor paid to shareholders as dividends. Undistributed corporate profits are important for the derivation of personal income from national income. Because undistributed corporate profits are income that is earned by the shareholders, but not received, it falls in the general category of income earned but not received (IEBNR), and is subtracted from national income in the derivation of personal income.

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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM:

Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.
The Federal Reserve System contains three advisory councils that provide information and advice to the Board of Governors on a range of important issues. The three advisory councils are: Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council provides input from commercial bankers on all Federal Reserve activities. The Thrift Institutions Advisory Council provides input from representatives of thrift institutions on issues related to thrift regulation by the Federal Reserve. The Consumer Advisory Council provides input from consumer and financial representatives on issues relevant to the regulation of consumer credit by the Federal Reserve.

Federal Advisory Council

The Federal Advisory Council (FAC) is an advisory support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors. It has no policy making authority but serves to provide "grassroots" feedback and advice on any and all issues relevant to the Federal Reserve System. The council contains 12 members, appointed by the 12 Federal Reserve District Banks. The appointees are typically the presidents of commercial banks within their respective districts. The FAC meets with the Federal Reserve Board in Washington, D.C. at least four times a year, generally the first Friday in February, May, September, and December.

The Federal Advisory Council is a reflection of the basic design of the Federal Reserve System as a decentralize central bank. While the FAC has no explicit policy making authority, feedback from the council helps to keep Fed actions somewhat grounded in the "real world." While input from 12 commercial bank presidents is not quite as grassroots as a council populated by factory workers and retail sales clerks, it is better than nothing at all. Commercial bank presidents living and working places like Des Moines (Iowa), Flagstaff (Arizona), and Memphis (Tennessee) can give insight into Fed policies not found in New York City or Washington, D.C.

Thrift Institutions Advisory Council

The Thrift Institutions Advisory Council (TIAC) is a support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with thrift institutions (savings and loan associations, credit unions, and mutual savings banks). The TIAC is comprised of 12 members, each serving for 2 years and appointed directly by the Board of Governors, who represent the interests of savings and loan associations, credit unions, and mutual savings banks.

The Thrift Institutions Advisory Council is designed to provide the Federal Reserve Board with advice and feedback in its role as a regulator of thrift institutions. In 1980, the Monetary Control Act extended regulatory oversight of thrift institutions to the Federal Reserve Board of Governors. To assist in these new duties, the Board created the TIAC for feedback from representatives of thrift institutions. The council meets with the Federal Reserve Board 3 times a year to discuss the special needs and concerns of thrift institutions.

Consumer Advisory Council

The Consumer Advisory Council (CAC) is an advisory support committee of the Federal Reserve System that provides advice and input to the Board of Governors of the Federal Reserve System. It has no policy making authority but serves to provide feedback and advice on issues relevant to the Fed's oversight of consumer credit protection. The CAC was established in 1976 and contains 30 members who represent consumers and financial groups, including both academicians and legal specialists with knowledge of consumer affairs. Members serve staggered 3 year terms. The council meets with the Federal Reserve Board three times a year.

The Consumer Advisory Council is designed to provide the Federal Reserve Board with advice and feedback on its role as a consumer credit regulator. Among its assorted duties, the Federal Reserve Board oversees the administration of several key consumer credit regulations set forth in the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the Truth in Savings Act. The CAC provides the Board with its studied opinion on consumer credit policies and regulations.

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Recommended Citation:

ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: October 26, 2021].


Check Out These Related Terms...

     | Federal Advisory Council | Thrift Institutions Advisory Council | Consumer Advisory Council | monetary economics | monetary policy | central banking | Federal Reserve pyramid | Federal Reserve System | Chairman of the Board of Governors, Federal Reserve System | Board of Governors, Federal Reserve System | Federal Reserve Banks | Federal Open Market Committee | open market operations | discount rate | reserve requirements |


Or For A Little Background...

     | fractional-reserve banking | banks | money | bank reserves | bank panic | business cycles | check clearing | money creation | macroeconomics | thrift institutions |


And For Further Study...

     | Federal Deposit Insurance Corporation | Comptroller of the Currency | monetary aggregates | barter | aggregate market | unemployment | inflation | bank balance sheet | gross domestic product | circular flow | goldsmith money creation | consumer demand theory |


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     | Federal Reserve System |


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