The Federal Reserve System uses advisory and working committees in carrying out its varied responsibilities. Five of these committees advise the Federal Reserve Board: the Community Advisory Council, the Community Depository Institutions Advisory Council, the Federal Advisory Council, the Insurance Policy Advisory Committee, and the Model Validation Council. The Federal Advisory Council and the Insurance Policy Advisory Committee were established by law. The Community Advisory Council, the Community Depository Institutions Advisory Council, and the Model Validation Council were created by the Federal Reserve Board.
Each Federal Reserve Bank also uses advisory committees. These committees advise the Bank on matters of importance in the Bank's District, such as agriculture and small business.