Although the women of the United States are confined within the narrow circle of domestic life, and their situation is, in some respects, one of extreme dependence, I have nowhere seen woman occupying a loftier position; and if I were asked... in which I have spoken of so many important things done by Americans, to what the singular prosperity and growing strength of that people ought mainly to be attributed, I should reply, To the superiority of their women.

--Alexis de Tocqueville, Democracy in America

Friday, October 7, 2011

Looking at the Fed

What do we really know? I mean you can think by listening to Fox News or talk radio that you are informed. I spent many years like that, but when it comes down to brass tacks, I had to admit that I didn't know squat. I was a A student in school and thought I was in the know. Looking in on our Lords at the Fed, I thought I'd clue you into its organization.


Selection and Representation Reserve Bank boards of directors are divided into three classes of three persons each. Class A directors represent the member commercial banks in the District, and most are bankers. Class B and class C directors are selected to represent the public, with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Class A and class B directors are elected by member banks in the District, while class C directors are appointed by the System's Board of Governors in Washington. All head office directors serve three-year terms. Two directors of each Bank are designated by the Board of Governors as chairman and deputy chairman of their nine-member board for one-year terms. Directors cannot be members of Congress, and class B and class C directors cannot be officers, directors, or employees of a bank. Nor can class C directors own stock in a bank.

In addition, all class C directors must reside in the District for at least two years before their appointment. Because a Reserve Bank directorship is a form of public service, directors are also expected to avoid participation in partisan political activities. For purposes of electing directors, District member banks are grouped by amount of capital into three categories—small, medium, and large. Each group of banks elects one class A and one class B director. Branches of Federal Reserve Banks also have directors. These directors are not elected; the majority are appointed by the Reserve Bank, and the rest are appointed by the Board of Governors.

The chairman of a Branch board is selected from among those appointed by the Board of Governors. Branch directors serve for either two- or three-year terms, depending on the size of the Branch board. Directorships generally are limited to two successive terms, to ensure a diversity of backgrounds and experience among the individuals who serve the Federal Reserve System.
Let's look at just the Atlanta district:

 DISTRICT 6 - ATLANTA        


Class A
NameTitleTerm expires
December 31
James M. Wells IIIExecutive Chairman
SunTrust Banks, Inc.
Atlanta, Georgia
2011
Rudy E. SchuppPresident and Chief Executive Officer
1st United Bank
West Palm Beach, Florida
2012
T. Anthony HumphriesPresident and Chief Executive Officer
NobleBank and Trust, N.A.
Anniston, Alabama
2013
Class B
NameTitleTerm expires
December 31
Renée Lewis GloverPresident and Chief Executive Officer
Atlanta Housing Authority
Atlanta, Georgia
2011
Clarence Otis, Jr.Chairman and Chief Executive Officer
Darden Restaurants, Inc.
Orlando, Florida
2012
José S. SuquetChairman, President and Chief Executive Officer
Pan-American Life Insurance Group
New Orleans, Louisiana
2013
Class C
NameTitleTerm expires
December 31
Thomas I. Barkin
(Deputy Chair)
Director
McKinsey & Company
Atlanta, Georgia
2011
Richard H. AndersonChief Executive Officer
Delta Air Lines, Inc.
Atlanta, Georgia
2012
Carol B. Tomé
(Chair)
Chief Financial Officer and Executive Vice President                          
The Home Depot
Atlanta, Georgia




Couldn't help but notice Darden Restaurants, recent recipients of an Obamacare waiver. Now I'm not saying all these people are bad or anything, I'm just trying to zoom out a level and look at the bigger picture.
That's where Mr. Mapper comes in handy as a picture is worth a thousand words:

link 


2 comments:

  1. I would say they are bad. In fact anyone involved in that high up in the Fed (including Herman Cain) is guilty of treason.

    ReplyDelete
  2. I guess I just want to believe the best about people and want to think that they're just caught up in something they don't understand. But that thinking won't help us when we're living in the "new feudalism" now will it?

    ReplyDelete

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