Fed appoints new chairmen to half of district reserve banks

The Federal Reserve Board of Governors named the new chairs and deputy chairs in half of the 12 district reserve banks on December 3.

New chairmen were appointed to the board of directors of six reserve banks: New York, Cleveland, Atlanta, Chicago, Kansas City and San Francisco. Each of these also named a new deputy chairman, with the exception of New York.

Every Federal Reserve Bank has a nine-member board of directors, each of whom serves a three-year term.

Six directors are elected by the com