Cleveland Fed Announces Director and Federal Advisory Council Appointments
The Federal Reserve Bank of Cleveland announced the following appointments to its main office and branch boards of directors and to the Federal Advisory Council. All appointments were effective January 1, 2002.
Federal Reserve Bank of Cleveland
David H. Hoag, retired chairman, president and chief executive officer of the LTV Corporation, Cleveland, Ohio, has been reappointed chairman of the board of directors of the Federal Reserve Bank of Cleveland.
Robert W. Mahoney, retired chairman of the board and chief executive officer of Diebold, Incorporated, Canton, Ohio, was reappointed deputy chairman of the board.
John R. Cochran, chairman and chief executive officer of FirstMerit Corporation, Akron, Ohio, and Wayne R. Embry, retired president and chief operating officer of the Team Division of the Cleveland Cavaliers, Cleveland, Ohio, were reelected directors of the Cleveland Reserve Bank.
George C. Juilfs, chairman and chief executive officer of SENCORP, Newport, Kentucky, has been reappointed chairman of the board of directors of the Cincinnati Office of the Federal Reserve Bank of Cleveland.
In addition, James H. Booth, president of Czar Coal Corporation, Lovely, Kentucky, and Herbert R. Brown, senior vice president of The Western and Southern Life Insurance Company, Cincinnati, Ohio, were appointed directors.
Charles E. Bunch, executive vice president, PPG Industries, Inc., Pittsburgh, Pennsylvania, was reappointed chairman of the board of directors of the Pittsburgh Office of the Federal Reserve Bank of Cleveland.
In addition, Robert O. Agbede, president and chief executive officer of Advanced Technology Systems, Inc., Pittsburgh, Pennsylvania, and Michael J. Hagan, president and chief executive officer of Iron and Glass Bank, Pittsburgh, Pennsylvania, were appointed directors.
Federal Advisory Council
David A. Daberko, chairman and chief executive officer of National City Corporation, Cleveland, Ohio, will again represent the Fourth Federal Reserve District on the Federal Advisory Council.
The Council is composed of representatives of the banking industry from each of the 12 Federal Reserve Districts. The Council consults with and advises the Board of Governors of the Federal Reserve System on general business conditions and issues related to the financial services industry. Mr. Daberko will represent the Fourth District for a one-year term, which began January 1, 2002.
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The Federal Reserve System
The Federal Reserve Bank of Cleveland is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve formulates U.S. monetary policy, regulates banking institutions, and provides payment services to financial institutions and to the U.S. government. Payment services include check clearing, electronic payments, and the distribution of currency and coin.
Reserve Bank Directors
Each Reserve Bank main office has a nine?member board of directors. Three directors represent the interests of banking in each District and are elected by banks that are members of the Federal Reserve System. The other six represent the general public, which includes business, agriculture, labor and consumers. Of these, three are elected by member banks and three are appointed by the Board of Governors.
Directors' responsibilities include: providing information to Reserve Bank presidents on regional business conditions; making recommendations to the Federal Reserve Board regarding the Fed's discount rate; selecting the Reserve Bank's president and chief operating officer; and overseeing the Bank's budget and finances. Reserve Bank branches each have seven?member boards of directors, which oversee branch operations and provide input regarding local business conditions.
Fourth Federal Reserve District
The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, and serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.