The New England Community Development Advisory Council for the Federal Reserve Bank of Boston was established to:

(1) Provide a forum for representatives of community development organizations from the private, public, and non-profit sectors to:

• Inform the President and Board of Directors of activities, issues, and barriers to community development in the region;



• Advise the President and the Board of Directors of the Federal Reserve Bank of Boston on ways in which the Bank can be of assistance in support of community development efforts in the region;



• Discuss opportunities to facilitate communication between the sectors that encourages effective use of community development resources in the region.

(2) Serve as a mechanism to convey to the broader Federal Reserve System, indirectly through the Federal Reserve Bank of Boston, perspectives on community development to which the System should be sensitive.

Membership

Membership on the Council will be representative of the various sectors and geographic areas involved in community development and would include, but not be limited to:

• Banks
• State and local government
• Foundations
• Community Organizations
• Academic Institutions, and
• Private non-profit and for-profit developers

The total number of members will not be limited, however, it is recognized that a group of 10-15 would be most conducive for effective discussion. With the exception of representatives from the Banking industry, Members will serve a three-year term, although the President of the Federal Reserve Bank may increase or decrease the term limit as circumstances warrant. Representatives from the largest banking institutions will serve a one-year term.

Meetings

Meetings will be held three times a year. While most meetings will be held at the Federal Reserve Bank, reasonable efforts will be made to hold at least one meeting annually out in the District area site, which would permit a review of community development efforts in the area. Agendas will be developed jointly by the Council members and Reserve Bank staff. The Reserve Bank President will designate the Council Chair and the Deputy Chairperson. All travel expenses will be paid by the Reserve Bank in accordance with Reserve Bank travel policies.