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.
Federal Reserve Bank of Cleveland
Alfred M. Rankin, Jr., chairman, president, and chief executive officer of NACCO Industries, Inc., Cleveland, Ohio, was reappointed chairman of the board of directors of the Federal Reserve Bank of Cleveland for 2011. Rankin has served as chairman of the Cleveland Reserve Bank since 2010 and as a Bank director since 2006. He also served as the Bank’s deputy chair from 2007 through 2009.
Richard K. Smucker, executive chairman and co-chief executive officer, The J.M. Smucker Company, Orrville, Ohio, was reappointed deputy chairman of the board for 2011. Smucker has served as deputy chair since 2010.
Christopher M. Connor, chairman and chief executive officer, The Sherwin-Williams Company, Cleveland, Ohio, was appointed a director.
Paul G. Greig, chairman, president and chief executive officer, FirstMerit Bank, Akron, Ohio, was elected a director.
James M. Anderson, immediate past president and chief executive officer, 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 2011. Anderson has served as chairman of the Cincinnati Branch board since 2005.
Peter S. Strange, chairman and chief executive officer, Messer Inc., Cincinnati, Ohio, was reappointed a director.
Austin Keyser, business manager and financial secretary, International Brotherhood of Electrical Workers, Local 575, Portsmouth, Ohio, was appointed a director.
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 2011. He has served as chairman of the Pittsburgh Branch board since 2008.
Grant Oliphant, president and chief executive officer, The Pittsburgh Foundation, Pittsburgh, Pennsylvania, was appointed a director.
Glenn R. Mahone, partner and attorney at law, Reed Smith LLP, Pittsburgh, Pennsylvania, and Todd Brice, chief executive officer, S&T Bancorp, Indiana, Pennsylvania, were reappointed directors.
Federal Advisory Council
James E. Rohr, chairman and chief executive officer, PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, was appointed 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 SystemThe 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 DirectorsEach Reserve Bank's main office has a nine-member board of directors. Three directors are elected by and representative of the stockholding banks in each Federal Reserve District. 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; and overseeing the Bank's budget and finances. Each Reserve Bank branch has a five- or seven-member board of directors that assists in overseeing 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.