The Boards of Directors for the Federal Reserve Bank of Richmond's Baltimore and Charlotte Offices re-elected the following chairpersons for one-year terms effective Jan. 1, 2010:
William R. Roberts — President-Verizon Maryland/DC, Baltimore, Maryland — was re-elected to a second term as chairman of the Baltimore directors board. Roberts has been a director since 2005.
Claude C. Lilly — Dean, Clemson University, College of Business and Behavioral Science, Clemson, South Carolina – was re-elected to a third term as chairman of the Charlotte directors board. Lilly has been a director since 2007.
The boards of directors of the Baltimore and Charlotte Offices of the Federal Reserve Bank of Richmond have seven members each. A majority of each Office's 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 offices 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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