• Cleveland Fed Announces Appointments to Cleveland, Cincinnati, and Pittsburgh Boards and to the Federal Advisory Council

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    January 20, 2017

    The Federal Reserve Bank of Cleveland announced that Alfonso Cornejo, Hispanic Chamber Cincinnati USA president has been appointed board of directors for the The Federal Reserve Bank of Cleveland, Cincinnati Branch effective January 1, 2017.

    Cincinnati Branch, Federal Reserve Bank of Cleveland

    Valarie L. Sheppard, senior vice president, comptroller and treasurer, The Procter & Gamble Company, Cincinnati, Ohio, was reappointed chairman of the board of the Federal Reserve Bank of Cleveland, Cincinnati Branch, for 2017. Sheppard has served as a director of the branch board since 2014 and as chairman since 2015.

    Alfonso Cornejo, president, Hispanic Chamber Cincinnati USA, Cincinnati, Ohio, was appointed as a director.

    Darin C. Hall, executive vice president, Port of Greater Cincinnati Development Authority, Cincinnati, Ohio, was appointed as a director.

    Boards of Directors
    The Cleveland Fed’s main office directors oversee the management of the Bank, including the approval of annual goals and objectives and of the Bank’s budget. They provide additional oversight of strategic initiatives and are not involved in any matters related to banking supervision, including specific supervisory decisions.

    During board meetings, directors provide input into the monetary policymaking process through their regional perspectives on business and credit conditions, serving as valuable sources of economic intelligence and insight on issues in their respective regions, industries, and community and consumer sectors. In this capacity, directors serve as a link between the Cleveland Fed and the community. They help connect Bank staff to business and community contacts throughout the District, and they play an important role in helping inform their contacts about Federal Reserve System actions and policies. The input of Cleveland board members is part of the grassroots information that Cleveland Fed President and Chief Executive Officer Loretta J. Mester considers in making monetary policy recommendations.

    The Fourth District has branch offices in Cincinnati and Pittsburgh, each with its own board of seven directors, three appointed by the Board of Governors and four by the main office board of directors. Branch directors serve in an advisory capacity, and their input into economic discussions and the connections they make to the broader community are important and valuable contributions to the Federal Reserve System.

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