and private elements in their makeup and organization." Each of the 12 Banks has a nine-member board of directors: three elected by the commercial banks in the Bank's region, and six chosen – three each by the member banks and the Board of Governors – "to represent the public with due consideration to the interests of agriculture, commerce, industry, services, labor and consumers." These regional banks are in turn controlled by the Federal Reserve Board of Governors, whose seven members are nominated by the president of the United States and confirmed by the Senate. Member banks ("about 38 percent of the nation's more than 8,000 banks") are required to own capital stock in their regional banks. Until 2016, the regional banks paid a set 6% dividend on the member banks' paid-in capital stock (not the regional banks' profits) each year, returning the rest to the US Treasury Department. As of February 24, 2016, member banks with more than $10 billion in assets receive an annual dividend on their paid-in capital stock (Reserve Bank stock) of the lesser of 6% percent and the highest yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of the dividend. Member banks with $10 billion or less in assets continue to be paid a set 6% annual dividend. This change was implemented during the Obama Administration in order "to implement the provisions of section 32203 of the Fixing America's Surface Transportation Act (FAST Act)". The Fed has noted that this has created "some confusion about 'ownership'": In his textbook, Monetary Policy and the Financial System, Paul M. Horvitz, the former Director of Research for the Federal Deposit Insurance Corporation, stated, In the American Political Science Review, Michael D. Reagan wrote, Transparency issues One critique is that the Federal Open Market Committee, which is part of the Federal Reserve System, lacks transparency and is not sufficiently audited. A report by Bloomberg News asserts that the majority of Americans believes that the System should be held more accountable or that it should be abolished. Another critique is the contention that the public should have a right to know what goes on in the Federal Open Market Committee (FOMC) meetings. See also America's Great Depression Black Friday (1869) Covers the gold scandal of 1869 The Case Against the Fed Causes of the Great Depression Criticism of the United States government#Criticism of