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, 2006.

Federal Reserve Bank of Cleveland

Charles E. Bunch, chairman and chief executive officer of PPG Industries, Inc., Pittsburgh, Pennsylvania, was appointed chairman of the board of directors of the Federal Reserve Bank of Cleveland for 2006. Bunch served as deputy chairman of the Cleveland Reserve Bank from 2003 to 2005.

(Ms.) Tanny B. Crane, president and chief executive officer of Crane Group Co., Columbus, Ohio, was named deputy chairman of the board for 2006. Crane has served as a director of the Bank since 2003.

In addition, Edwin J. Rigaud, president and chief executive officer of Enova Partners, LLC, Cincinnati, Ohio, was elected a director, and Bick Weissenrieder, chairman and chief executive officer of Hocking Valley Bank, Athens, Ohio, was re-elected a director of the Federal Reserve Bank of Cleveland.

Cincinnati Office

James M. Anderson, president and chief executive officer of the Cincinnati Children's Hospital Medical Center, Cincinnati, Ohio, was reappointed a director, and appointed chairman of the board of the Cincinnati Office of the Federal Reserve Bank of Cleveland for 2006.

In addition, Janet B. Reid, Ph.D., principal partner and co-founder of Global Lead Management Consulting, Cincinnati, Ohio, was appointed a director, and Glenn D. Leveridge, president, JPMorgan Chase Bank, Lexington, Kentucky, was reappointed a director of the Cincinnati Office of the Cleveland Reserve Bank.

Pittsburgh Office

Roy W. Haley, chairman and chief executive officer of WESCO International, Inc., Pittsburgh, Pennsylvania, was reappointed a director, and appointed chairman of the board of the Pittsburgh Office of the Federal Reserve Bank of Cleveland for 2006. 

In addition, Sunil T. Wadhwani, chief executive officer and co-founder of iGATE Corporation, Pittsburgh, Pennsylvania, was appointed a director, and Georgiana N. Riley, president and chief executive officer of TIGG Corporation, Bridgeville, Pennsylvania, was reappointed a director of the Pittsburgh Office of the Cleveland Reserve Bank.

Federal Advisory Council

George A. Schaefer, Jr., president and chief executive officer of Fifth Third Bancorp and Fifth Third Bank, Cincinnati, Ohio, will represent the Fourth Federal Reserve District on the Federal Advisory Council. Schaefer's one-year term began on January 1, 2006.

The Federal Advisory 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. 

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 System formulates U.S. monetary policy, regulates banks and bank holding companies, 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's 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 directors 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 Federal Reserve's discount rate; selecting the Reserve Bank's president and chief operating officer; and overseeing the Bank's budget and finances.  Each Reserve Bank branch has a five- or seven-member board of directors that oversees branch operations and provides input regarding local business conditions. For a complete list of the members of the boards of directors of the Federal Reserve Bank of Cleveland and its branches, see http://www.clevelandfed.org/about/BODclev.cfm.

Fourth Federal Reserve District

The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.