20 Feb Michael Russell Elected to the Federal Reserve Bank of Atlanta’s Board of Directors
Michael Russell, CEO of H. J. Russell & Company, was recently elected to serve as a member of the board of directors of the Federal Reserve Bank of Atlanta, serving a term from January 1, 2019 through December 31, 2021.
The board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank’s operations and recommends changes in the discount rate. Board members also contribute to the formulation of U.S. monetary policy through the economic information they provide to the bank’s president.
“I’m honored and excited about being a voice of our industry in such an important position that can impact so many lives,” said Russell. “I look forward to providing meaningful insights that will help the Federal Reserve Bank of Atlanta best serve its constituents.”
Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors are generally bankers and are elected by national and state-chartered banks that are members of the Federal Reserve System. Three Class B directors are also elected by these banks but represent commerce, industry, agriculture, labor, and consumers. Three Class C directors represent the same broad array of public interests but are appointed by the Board of Governors in Washington DC. The Reserve Bank’s chair and deputy chair must be Class C directors. Russell has been elected as a Class B director.
Through his role as a Class B director, one who represents commerce, industry, agriculture labor and consumers, Russell contributes his perspective regarding the industries in which H. J. Russell & Company operates, including affordable housing, commercial real estate, construction, development and program management.