Fed Governors Appoint Richmond Chairman and Deputy Chairman
RICHMOND, Va., Dec. 29 /PRNewswire/ -- The Board of Governors of the Federal Reserve System appointed the following Chairman and Deputy Chairman of the Board of Directors for the Federal Reserve Bank of Richmond, effective Jan. 1, 2009:
Lemuel E. Lewis -- President, LocalWeather.com Suffolk, Va. -- was appointed chairman of the board of directors for 2009. Mr. Lewis has served as a Class C director since 2005.
Margaret E. McDermid -- Senior Vice President and Chief Information Officer, Dominion Resources Inc., Richmond, Va. -- was appointed deputy chairman for 2009. Ms. McDermid has served as a Class C director since 2007.
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 and Deputy Chairperson.
The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.
