My future's so bright, I gotta wear shades:
The CEO of Charlotte-based National Gypsum has been elected a director of the Federal Reserve Bank of Richmond, becoming one of nine members of the bank’s board. Nelson will serve a three-year term as a Class B director. The bank’s board is made of three classes of directors, with three directors for each class. Class B and C members represent the public. Class A directors represent Federal Reserve member banks in a district.
Federal Reserve member banks elect the Class A and B directors. The Board of Governors of the Federal Reserve System in Washington, D.C., appoints the Class C directors.
Oh, so "the public" is represented by one-percenters who are filthy rich, but not actual bankers. Gotcha. For a minute there I thought the Fed might be a little top-heavy. Yes, that was sarcasm. And for those who are worried I might turn this into a weekly diary, fear not. I'd rather follow a parade with a shovel.