Director of the Federal Reserve Bank of Richmond since 2013
Richard Bernstein is president and CEO of LWRC International, LLC, which designs and manufactures high performance firearms for commercial, military and law enforcement applications. Mr. Bernstein assumed this position after acquiring a majority interest in 2008 and has led the business to an industry-recognized brand with over $130 million in revenue.
Bernstein began his entrepreneurial career in 1970 as the founder of K & L Microwave, a manufacturer of radio and microwave components for commercial, defense, and space communications applications that grew to be the largest custom microwave filter company in the world. It was acquired by Dover Corporation, a multi-billion dollar conglomerate and continues to operate in Salisbury, Maryland. In addition to his leadership of LWRC International, Bernstein has invested in numerous and diverse business ventures, including BAI Aerosystems, Inc., Lorch Microwave, Salisbury Inc., Machining Technologies, Inc., Waterside Village and REB Holdings, Inc.
Bernstein is a licensed professional engineer and attended Virginia Military Institute and graduated from Salisbury University. He earned an MBA from Purdue University and has received honorary doctorates from Salisbury University and the University of Maryland Eastern Shore. His civic activities include service and support to the VMI Foundation, Salisbury University, Washington College and the University of Maryland Eastern Shore. He is the recipient of numerous awards and honors.