For immediate release: January 10, 2023
The Federal Reserve Bank of Atlanta announces Claire Lewis Arnold as the 2023 chair of its board of directors and Gregory A. Haile, J.D., as the 2023 deputy chair. Both are Class C directors, designated by the Board of Governors in Washington, DC. Arnold is chief executive officer of Leapfrog Services Inc. in Atlanta, a managed service provider she cofounded in 1998. She is a graduate of Mary Baldwin College in Virginia. Haile serves as president of Broward College in Fort Lauderdale, Florida, and is a graduate of Columbia University School of Law and Arizona State University.
Additionally, Rajinder P. Singh was elected by Group 1 member banks to an unexpired term beginning January 1, 2023, and ending December 31, 2023, and to an additional three-year term ending December 31, 2026. He is a Class A director. Singh is chairman, president, and CEO of BankUnited Inc. in Miami, Florida. He has served on the Federal Advisory Council of the Board of Governors and is a graduate of Carnegie Mellon University in Pittsburgh and the Indian Institute of Technology in New Delhi, India.
Cynthia N. Day has been elected by Group 3 member banks to a three-year term beginning January 1, 2023, and ending December 31, 2025. She is a Class A director. Day is president and chief executive officer of Citizens Trust Bank in Atlanta. She is a graduate of the University of Alabama and has been a licensed certified public accountant for more than 28 years.
The other Atlanta Fed directors are:
- John W. Garratt, president and chief financial officer of Dollar General in Goodlettsville, Tennessee (Class B, term expires December 31, 2023),
- Abel L. Iglesias, president and chief operating officer of Professional Bank in Coral Gables, Florida (Class A, term expires December 31, 2024),
- Michael Russell, CEO of H.J. Russell & Company in Atlanta (Class B, term expires December 31, 2024), and
- Nicole Thomas, hospital president of Baptist Medical Center Jacksonville in Jacksonville, Florida (Class B, term expires December 31, 2025).
The Atlanta board of directors has appointed John M. Turner Jr. to serve on the Sixth District Federal Advisory Council for a one-year term beginning January 1, 2023, and ending December 31, 2023. Turner is president and CEO of Regions Financial Corporation in Birmingham, Alabama. He is a graduate of the University of Georgia.
Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors are generally bankers and are elected by national and state-chartered banks that are members of the Federal Reserve System. Three Class B directors are also elected by these banks but represent commerce, industry, agriculture, labor, and consumers. Three Class C directors represent the same broad array of public interests but are appointed by the Board of Governors in Washington, DC. The Reserve Bank's chair and deputy chair must be Class C directors.
The board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank's operations and recommends changes in the discount rate. Board members also contribute to the formulation of US monetary policy through the economic information they provide the bank's president.