July 19, 2010

Chairman, Deputy Chairman Appointed For Richmond Fed Board

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.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.

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