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December 8, 2008

Fifth Federal Reserve Directors Elect Chairpersons

The Boards of Directors for the Federal Reserve Bank of Richmond’s Baltimore and Charlotte branches elected the following chairpersons for one-year terms effective Jan. 1, 2009:

  • William R. Roberts — President, Verizon Maryland/DC, Baltimore, Md., was elected chairman of the Bank’s Baltimore branch. Mr. Roberts has served as a director since 2005.
  • Claude C. Lilly — Dean, Clemson University, College of Business and Behavioral Science, Clemson, S.C., was reelected chairman of the Bank’s Charlotte branch. Mr. Lilly has served as a director since 2007.

The boards of directors of the Baltimore and Charlotte branches of the Federal Reserve Bank of Richmond have seven members each. A majority of each branches’ directors are appointed by the board of directors of the Richmond Reserve Bank and the remainder by the Board of Governors of the Federal Reserve System. The chairmen of the boards of the Baltimore and Charlotte branches are selected for one-year terms from among those directors appointed by the Board of Governors.

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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Jim Strader
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