Susan Tomasky Elected a Director of the Federal Reserve Bank of Cleveland

Susan Tomasky, president-AEP Transmission, American Electric Power Co., Inc. (NYSE: AEP), Columbus, Ohio, was elected a director of the Federal Reserve Bank of Cleveland, effective July 1, 2009. (Photo of Susan Tomasky is available here.)

AEP is one of the largest generators of electricity in the United States and owner of the nation’s largest electricity transmission system.

Tomasky holds a juris doctor degree with honors from George Washington University National Law Center in Washington, DC, and is an honors graduate of the University of Kentucky in Lexington. She is a member of the board of the Columbus Regional Airport Authority, the Mount Carmel Health Systems, and the Columbus School for Girls.

The Federal Reserve System
The Federal Reserve Bank of Cleveland is one of 12 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, supervises 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 Federal Reserve's Board of Governors in Washington, D.C.

Directors' responsibilities include making recommendations to the Board of Governors regarding the Federal Reserve's discount rate on primary credit; providing information about regional business conditions to their Reserve Bank president; selecting the Reserve Bank's president and chief operating officer; and overseeing the Bank's budget and finances. For a complete list of the members of the boards of directors of the Federal Reserve Bank of Cleveland and its branches, see the Board of Directors.

Fourth Federal Reserve District

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

For information on the Federal Reserve Bank of Cleveland, see www.clevelandfed.org