The Board of Governors of the Federal Reserve System has reappointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond for 2014.
Linda D. Rabbitt, chairman and chief executive officer of Rand Construction Corp., Washington, D.C., was reappointed as chair for 2014. She has served as a Class C director since 2009.
Russell C. Lindner, chairman and chief executive officer of The Forge Company, Washington, D.C., was reappointed as deputy chair for 2014. He has served as a Class C director since 2011.
The Board of Governors also reappointed director Margaret G. Lewis, retired president of HCA Capital Division, Richmond, Va., to serve a three-year term as a Class C director of the Richmond board beginning Jan. 1, 2014.
The Bank also acknowledges the following directors who are completing their service with the Federal Reserve Bank of Richmond board and thanks them for their dedicated service:
Alan L. Brill, president and CEO of Capon Valley Bank, Wardensville, W.Va., who served on Richmond Fed’s board since 2011.
Patrick C. Graney III, chairman of One Stop, Charleston, W.Va., who served on the Richmond Fed’s board since 2008.
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 chair or deputy chair.
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.