Jan. 5, 2016

Richmond Fed Directors Reappoint Federal Advisory Council Member

Richmond, Va.

The Federal Reserve Bank of Richmond Board of Directors have reappointed Kelly S. King, chairman and chief executive officer of BB&T Corp., Winston-Salem, N.C., to serve a one-year term as the Fifth District representative on the Federal Advisory Council. The term began Jan. 1, 2016.

The Federal Advisory Council is composed of a representative from each of the 12 Federal Reserve Districts and confers periodically with the Board of Governors of the Federal Reserve System on business conditions and issues related to the banking industry. The Council also makes recommendations regarding System policies. Representatives are selected annually by the boards of directors of each Reserve Bank.

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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