December 22, 2010

Board Chairmen Selected for Richmond Fed Branch Offices

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The boards of directors of the Federal Reserve Bank of Richmond's Baltimore and Charlotte branch offices elected the following to serve one-year terms as chairmen, effective Jan. 1, 2011:

• Ron Blackwell, chief economist, AFL-CIO in Washington, D.C., was elected chairman of the Bank's Baltimore branch office board. Blackwell has served as a director since 2007.
  
• Claude C. Lilly, dean of Clemson University's College of Business and Behavioral Science, in Clemson, S.C., was re-elected to a fourth term as chairman of the Bank's Charlotte branch office board. Lilly has been a director since 2007.

The boards of directors of the Richmond Fed's Baltimore and Charlotte branch offices each have seven members. A majority of each branch's directors are appointed by the board of directors of the Richmond Fed and the remainder by the Board of Governors of the Federal Reserve System. The chairmen of the Baltimore and Charlotte boards 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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