Federal Reserve Bank of Cleveland Announces Official Appointments

The Federal Reserve Bank of Cleveland has announced the following appointments, effective April 1, 2011.

William Fosnight has been promoted to senior vice president and general counsel. In this role, Fosnight will assume responsibility for the Legal Department and will also serve as the Bank’s ethics officer. He will continue to provide legal counsel and advice to the Bank. Fosnight replaces outgoing senior vice president and general counsel, Andrew Watts, who is retiring after 36 years of service.

Fosnight joined the Bank in 1986 as an attorney. He was appointed senior attorney in 1989, assistant vice president and assistant general counsel in 1994, and vice president and associate general counsel in 2001. Before joining the Bank, he was employed by the Federal Home Loan Bank of Cincinnati. Fosnight holds a bachelor’s degree in economics from Miami University and a JD from Case Western Reserve University School of Law.

Susan Steinbrick has been promoted to senior vice president and general auditor. Steinbrick will maintain her responsibility for the strategic leadership and oversight of the Bank’s Internal Audit function, which provides an independent evaluation of the adequacy, effectiveness, and efficiency of the Bank’s control structures.

She joined the Bank in 2009 as vice president and general auditor. Prior to joining the Bank, she was senior vice president and assistant general auditor at KeyCorp. Steinbrick has a bachelor’s degree in international business from Lake Erie College, an MBA from Case Western Reserve University, and a certificate of accountancy from John Carroll University. She is a Certified Public Accountant (CPA), a Certified Information Systems Auditor (CISA), and a graduate of the Stonier Graduate School of Banking. She serves as a board member of the Bellflower Center for Prevention of Child Abuse.

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.

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.