By Brai Odion-Esene

WASHINGTON (MNI) – There are no representatives of the banking or
financial services industry on the list of chairs and deputy chairs
designated by the Federal Reserve Monday to serve on the boards of the
12 regional Fed banks for 2011.

In a move to perhaps include more viewpoints from sectors outside
of the financial sector, and perhaps to counter accusations that the
central bank has been too cosy with the banks and large financial
institutions it was meant to supervise, the Fed has put forward
appointees that range from academia to the consumer goods industry.

Each Reserve Bank has a nine-member board of directors. The Board
of Governors in Washington appoints three of these directors and each
year designates one of its appointees as chair and a second as deputy
chair.

For the New York Federal Reserve Bank, the board named Lee
Bollinger, president of Columbia University as chairman, while his
deputy will be Katheryn Wylde, president and CEO of the Partnership for
New York City.

This should help the bank avoid accusations of a conflict of
interest, constant during the financial crisis and its aftermath,
particularly after then N.Y. Fed Chairman Stephen Friedman purchased of
$3 million of stock in Goldman Sachs in December 2008.

Friedman, who remains a member of Goldman Sachs’ board, came into
violation of Federal Reserve policy when Goldman was converted to a bank
holding company in September 2008, thereby placing it under the
regulatory authority of the New York Fed. He resigned from the board in
May 2009.

Below is the full list of of the chairs and deputy chairs
designated by the Board for 2011:

Boston – Henri A. Termeer, Chairman, President and Chief Executive
Officer, Genzyme Corporation, Cambridge, Massachusetts, renamed Chair.

Kirk A. Sykes, President, Urban Strategy America Fund, L.P.,
Boston, Massachusetts, renamed Deputy Chair.

New York – Lee C. Bollinger, President, Columbia University, New
York, New York, named Chair.

Katheryn S. Wylde, President and Chief Executive Officer,
Partnership for New York City, New York, New York, named Deputy Chair.

Philadelphia – Charles P. Pizzi, President and Chief Executive
Officer, Tasty Baking Company, Philadelphia, Pennsylvania, renamed
Chair.

Jeremy Nowak, President and Chief Executive Officer, The
Reinvestment Fund, Philadelphia, Pennsylvania, renamed Deputy Chair.

Cleveland – Alfred M. Rankin, Jr., Chairman, President and Chief
Executive Officer, NACCO Industries, Inc., Cleveland, Ohio, renamed
Chair.

Richard K. Smucker, Executive Chairman and Co-Chief Executive
Officer, The J.M. Smucker Company, Orrville, Ohio, renamed Deputy Chair.

Richmond – Margaret E. McDermid, Senior Vice President and Chief
Information Officer, Dominion Resources, Inc., Richmond, Virginia, named
Chair.

Linda D. Rabbitt, Chairman and Chief Executive Officer, Rand
Construction Corporation, Washington, D.C., named Deputy Chair.

Atlanta – Carol B. Tom, Chief Financial Officer and Executive Vice
President, The Home Depot, Atlanta, Georgia, renamed Chair.

Thomas I. Barkin, Director, McKinsey & Company, Atlanta, Georgia,
renamed Deputy Chair.

Chicago – William C. Foote, Chairman and Chief Executive Officer,
USG Corporation, Chicago, Illinois, renamed Chair.

Thomas J. Wilson, Chairman, President and Chief Executive Officer,
The Allstate Corporation, Northbrook, Illinois, renamed Deputy Chair.

St. Louis – Steven H. Lipstein, President and Chief Executive
Officer, BJC HealthCare, St. Louis, Missouri, renamed Chair.

Ward M. Klein, Chief Executive Officer, Energizer Holdings, Inc.,
St. Louis, Missouri, renamed Deputy Chair.

Minneapolis – John W. Marvin, Chairman and Chief Executive Officer,
Marvin Windows and Doors, Warroad, Minnesota, renamed Chair.

Mary K. Brainerd, President and Chief Executive Officer,
HealthPartners, Minneapolis, Minnesota, renamed Deputy Chair.

Kansas City – Paul DeBruce, Chief Executive Officer and
Chairman/Founder, DeBruce Grain, Inc., Kansas City, Missouri, named
Chair.

Lu M. Cordova, Chief Executive Officer, Corlund Industries, LLC;
President and General Manager, Almacen Storage Group, Boulder, Colorado,
named Deputy Chair.

Dallas – Herb Kelleher, Founder and Chairman Emeritus, Southwest
Airlines, Dallas, Texas, named Chair.

Myron E. Ullman III, Chief Executive Officer and Chairman of the
Board, J.C. Penney Company, Inc., Plano, Texas, named Deputy Chair.

San Francisco – Douglas W. Shorenstein, Chairman and Chief
Executive Officer, Shorenstein Properties LLC, San Francisco,
California, named Chair.

Patricia E. Yarrington, Vice President and Chief Financial Officer,
Chevron Corporation, San Ramon, California, named Deputy Chair.

** Market News International Washington Bureau: 202-371-2121 **

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