Sections 1109A and 1109B of the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 required Government Accountability Office to review the governance of the Reserve Banks. This report: (i) analyzes the level of diversity on the boards of directors and assesses the extent to which the process of identifying possible directors and appointing them results in diversity on the boards; (ii) evaluates the effectiveness of policies and practices for identifying and managing conflicts of interest for Reserve Bank directors, and (iii) compares Reserve Bank governance practices with the practices of selected organizations.