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Press Release

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

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.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.455.4479