Cleveland Fed Announces Appointments to Cleveland, Cincinnati, and Pittsburgh Boards and Federal Advisory Council

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, 2010.

Federal Reserve Bank of Cleveland
 
Alfred M. Rankin, Jr.
, chairman, president and chief executive officer of NACCO Industries, Inc., Cleveland, Ohio, was appointed chairman of the board of directors of the Federal Reserve Bank of Cleveland for 2010. Rankin has served as deputy chair of the Cleveland Reserve Bank since 2007 and as a Bank director since 2006.

Richard K. Smucker, executive chairman and co-chief executive officer, The J.M. Smucker Company, Orrville, Ohio, was appointed deputy chairman of the board for 2010.

C. Daniel DeLawder
, chairman and chief executive officer, Park National Bank, Newark, Ohio, was reelected a director.

Susan Tomasky, president, AEP Transmission, Columbus, Ohio, was reelected a director.

Cincinnati Branch
James M. Anderson
, immediate past president and chief executive officer of the Cincinnati Children's Hospital Medical Center, Cincinnati, Ohio, was reappointed chairman of the board of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for 2010. Anderson has served as chairman of the Cincinnati Branch board since 2005.

Donald E. Bloomer
, president and chief executive officer, Citizens National Bank, Somerset, Kentucky, was reappointed a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland.

Daniel B. Cunningham
, president and chief executive officer, Long-Stanton Manufacturing Companies, Cincinnati, Ohio, was reappointed a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland.

 

Pittsburgh Branch 
Sunil T. Wadhwani
, co-chairman, iGATE Corporation, Pittsburgh, Pennsylvania, was reappointed chairman of the board of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland for 2010. He has served as chairman of the Pittsburgh Branch broad since 2008.

 

Robert A. Paul, chairman and chief executive officer, Ampco-Pittsburgh Corporation, Pittsburgh, Pennsylvania, was reappointed a director of the Pittsburgh Branch of the Cleveland Reserve Bank.

Margaret Irvine Weir, president, NexTier Bank, Butler, Pennsylvania, was reappointed a director of the Pittsburgh Branch of the Cleveland Reserve Bank.

 

Federal Advisory Council
Henry L. Meyer III
, chairman and chief executive officer, KeyCorp, Cleveland, Ohio, was reappointed to a one-year term as the Fourth Federal Reserve District's representative on the Federal Advisory Council.

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 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. 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, click here.

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.