Richmond Fed Directors Reappoint Federal Advisory Council Member

Oct 13, 2010, 09:00 ET from Federal Reserve Bank of Richmond

RICHMOND, Va., Oct. 13 /PRNewswire-USNewswire/ -- Directors of the Federal Reserve Bank of Richmond have reappointed Richard D. Fairbank, chairman and chief executive officer of Capital One Financial Corp. of McLean, Va., to a second term as the Fifth Federal Reserve District's representative on the Federal Advisory Council. The new term begins Jan. 1, 2011.  

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

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.

SOURCE Federal Reserve Bank of Richmond