The Board of Governors of the Federal Reserve System today announced the appointment of the chairs and deputy chairs of the twelve Federal Reserve Banks for 2009.
For the Federal Reserve Bank of Boston, Lisa M. Lynch, Dean and Professor of Economics, The Heller School for Social Policy and Management, Brandeis University, was re-appointed as Chair. Dr. Lynch is a member of the Executive Board of the Labor and Employment Relations Association and a Research Associate at the National Bureau of Economic Research, the Economic Policy Institute, and IZA in Bonn, Germany.
Henri A. Termeer, President and Chief Executive Officer, Genzyme Corporation, was re-designated as Deputy Chair for the Federal Reserve Bank of Boston. Mr. Termeer is a member of the board of directors of Project HOPE, an international nonprofit health education and humanitarian assistance organization, and also serves on the board of the MIT Corporation.
The Federal Reserve Act requires that each Reserve Bank have nine directors. Three Class A directors represent member banks in the district; three Class B directors and three Class C directors are selected with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Member banks elect Class A and Class B directors. The Board of Governors of the Federal Reserve System in Washington, D.C. appoints Class C directors, and from this group designates the Chair and Deputy Chair.