The Federal Reserve Bank of Richmond has announced the election of Scott Werry, managing partner of Altas in Chapel Hill, North Carolina, as a Class B director. This appointment is part of the bank's ongoing efforts to support economic stability and strength.
"We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength," stated a representative from the Richmond Fed.
The Richmond Fed promotes the safety and soundness of individual financial institutions while monitoring their impact on the financial system as a whole. The institution also ensures that financial institutions are protecting consumers.
In addition to its regulatory role, the Richmond Fed conducts research to support policymaking and thought leadership on issues important to both the Federal Reserve and the Fifth District. The bank informs the public through data analysis, publications, presentations, and educational resources.
"We share research, data and resources and regularly engage regional leaders and policymakers to understand and address community-specific economic issues," added another spokesperson from the bank.
The Richmond Fed works closely with teachers, students, and the public to enhance understanding of economics, personal finance, and the Federal Reserve's role in these areas.
As part of its mission, the Richmond Fed connects with community and business leaders across its district—which includes North Carolina, South Carolina, Washington D.C., Maryland, Virginia, and most of West Virginia—to monitor economic conditions. The institution addresses issues facing communities within this region while sharing relevant information with monetary and financial policymakers.
Furthermore, it collaborates with banks to ensure safe operations, supplies financial institutions with currency fit for distribution, and provides an efficient way to transfer funds through the national payments system.
