The Federal Reserve's Board of Governors has appointed Lemuel E. Lewis as deputy chairman of the board of directors for the Federal Reserve Bank of Richmond, effective immediately. Lewis, director of Landmark Communications, Inc., Norfolk, Va., also was recently reappointed as a Class C director and has served on the Richmond board since 2005. (Only Class C directors are eligible to serve as board chairman and deputy chairman.)
Lewis succeeds Theresa M. Stone, who recently left the post to become executive vice president and treasurer for Massachusetts Institute of Technology, Cambridge, Mass. Stone assumes her new role in February.
Each Federal Reserve Bank has a nine-member board of directors. Three Class A and three Class B directors are elected to three-year terms by the stockholding member banks, and three Class C directors are appointed to three-year terms by the Board of Governors of the Federal Reserve System. Class A directors represent the stockholding member banks in each Federal Reserve District. Class B and Class C directors represent the public and are chosen with due consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.
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