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.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.
DISTRICT 6 - ATLANTA
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.
Let's look at just the Atlanta district: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.
DISTRICT 6 - ATLANTA
|James M. Wells III||Executive Chairman|
SunTrust Banks, Inc.
|Rudy E. Schupp||President and Chief Executive Officer|
1st United Bank
West Palm Beach, Florida
|T. Anthony Humphries||President and Chief Executive Officer|
NobleBank and Trust, N.A.
|Renée Lewis Glover||President and Chief Executive Officer|
Atlanta Housing Authority
|Clarence Otis, Jr.||Chairman and Chief Executive Officer|
Darden Restaurants, Inc.
|José S. Suquet||Chairman, President and Chief Executive Officer|
Pan-American Life Insurance Group
New Orleans, Louisiana
|Thomas I. Barkin|
McKinsey & Company
|Richard H. Anderson||Chief Executive Officer|
Delta Air Lines, Inc.
|Carol B. Tomé|
|Chief Financial Officer and Executive Vice President |
The Home Depot
That's where Mr. Mapper comes in handy as a picture is worth a thousand words: