McGuinn Named President of the Federal Advisory Council

Martin G. McGuinn has been named president of the Federal Advisory Council of the Board of Governors of the Federal Reserve System for 2005.

The Federal Advisory Council is composed of representatives of the banking industry from each of the 12 Federal Reserve Districts. McGuinn, chairman and chief executive officer of Mellon Financial Corporation, Pittsburgh, Pennsylvania, was chosen by the Federal Reserve Bank of Cleveland to represent the Fourth Federal Reserve District.

McGuinn has been a council member since 2003; this is his first term as council president. He was named president by the members of the council, a complete list of which can be found at http://www.federalreserve.gov/generalinfo/adviscoun/fac.htm.

The Federal Advisory 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.

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.