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November 21, 2007

Richmond Fed Directors Appoint Federal Advisory Council Member

Richmond, VA

The Board of Directors of the Federal Reserve Bank of Richmond has appointed the Fifth District representative to the Federal Advisory Council.

Kenneth D. Lewis — Chairman, Chief Executive Officer and President, Bank of America Corp., Charlotte, N.C., begins his term January 1, 2008.

The Federal Advisory Council is composed of representatives from each of the 12 Federal Reserve Districts. The Council periodically confers with the Federal Reserve Board of Governors on business conditions and banking industry issues, and makes recommendations regarding System policies. Representatives are selected annually by the board of directors of each Reserve Bank.

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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