The Board of Governors of the Federal Reserve System has appointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond for 2012.
Margaret E. McDermid, senior vice president and chief information officer of Dominion Resources Inc., of Richmond, was reappointed as chair for 2012. Ms. McDermid 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 reappointed for a second term, ending 2014, and reappointed deputy chair for 2012. 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 chairperson or deputy chairperson.
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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