The Board of Governors of the Federal Reserve System has appointed the chairman and deputy chairman of the Board of Directors for the Federal Reserve Bank of Richmond for 2011.
Margaret E. McDermid, senior vice president and chief information officer of Dominion Resources Inc., of Richmond, was appointed as chairman for 2011. Ms. McDermid, who now serves as deputy chairman, has served as a Class C director since 2007.
Linda D. Rabbitt, chairman and chief executive officer of Rand Construction Corp., of Washington, D.C., was appointed deputy chairman for 2011. She has served as a Class C director since 2009.
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. Only Class C directors can become chairman or deputy chairman.
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.