Cleveland Fed Announces Director Appointments and Federal Advisory Council Appointment
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, 2005.
Federal Reserve Bank of Cleveland
Robert W. Mahoney, retired chairman and chief executive officer of Diebold, Incorporated, Canton, Ohio, has been reappointed chairman of the board of directors of the Federal Reserve Bank of Cleveland.
Charles E. Bunch, president and chief operating officer of PPG Industries, Inc., Pittsburgh, Pennsylvania, was reappointed a director and renamed deputy chairman of the board.
In addition, Henry L. Meyer III, chairman and chief executive officer of KeyCorp, Cleveland, Ohio, and Les C. Vinney, chief executive officer and president of STERIS Corporation, Mentor, Ohio, were elected directors of the Cleveland Reserve Bank.
James M. Anderson, president and chief executive officer of the Cincinnati Children's Hospital Medical Center, Cincinnati, Ohio, was appointed a director and named chairman of the board of directors of the Cincinnati Office of the Federal Reserve Bank of Cleveland.
In addition, James H. Booth, president of the Czar Coal Corporation, Lovely, Kentucky, and Herbert R. Brown, senior vice president of Western & Southern Financial Group, Cincinnati, Ohio, were reappointed as directors.
Roy W. Haley, chairman and chief executive officer of WESCO International, Inc., Pittsburgh, Pennsylvania, has been reappointed chairman of the board of directors of the Pittsburgh Office of the Federal Reserve Bank of Cleveland.
In addition, Robert O. Agbede, president and chief executive officer of ATS-Chester Engineers, Inc., Pittsburgh, Pennsylvania, and Michael J. Hagan, president and chief executive officer of Iron and Glass Bank, also in Pittsburgh, were reappointed as directors.
Federal Advisory Council
Martin G. McGuinn, chairman and chief executive officer of Mellon Financial Corporation, Pittsburgh, Pennsylvania, will again represent the Fourth Federal Reserve District on the Federal Advisory Council. McGuinn's one-year term began on January 1, 2005.
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 twelve 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, regulates 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 Board of Governors.
Directors' responsibilities include: providing information to Reserve Bank presidents on regional business conditions; making recommendations to the Federal Reserve Board regarding the Federal Reserve's discount rate; selecting the Reserve Bank's president and chief operating officer; and overseeing the Bank's budget and finances. Each Reserve Bank branch has a 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, see www.clevelandfed.org/about/BODclev.cfm.
Fourth Federal Reserve District
The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, and its check-processing center in Columbus, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.