Rankin, Smucker Named Chair, Deputy Chair of Cleveland Federal Reserve Bank Board

The Federal Reserve Board today announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2010. Following are the names of the new chair and deputy chair for the Board of Directors of the Federal Reserve Bank of Cleveland:

Chair: Alfred M. Rankin, Jr.
Chairman, President and Chief Executive Officer
NACCO Industries, Inc.
Cleveland, Ohio

Deputy Chair: Richard K. Smucker
Executive Chairman and Co-Chief Executive Officer
The J.M. Smucker Company
Orrville, Ohio

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, doug.campbell@clev.frb.org, 513.455.4479