Rankin, Smucker Named Chair, Deputy Chair of Cleveland Federal Reserve Bank Board

The Federal Reserve Board today announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2010. Following are the names of the new chair and deputy chair for the Board of Directors of the Federal Reserve Bank of Cleveland:

Chair: Alfred M. Rankin, Jr.
Chairman, President and Chief Executive Officer
NACCO Industries, Inc.
Cleveland, Ohio

Deputy Chair: Richard K. Smucker
Executive Chairman and Co-Chief Executive Officer
The J.M. Smucker Company
Orrville, Ohio

For information on the selection and responsibilities of the Federal Reserve Bank of Cleveland's Boards of Directors, click here.

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 certain banks and all bank holding companies, and provides payment services to depository institutions and the U.S. government. Payment services include check clearing, electronic payments, and the distribution and processing of currency and coin.