A Seymour bank official recently was appointed to The Federal Reserve Bank of St. Louis’ community depository institutions advisory council.
Marvin Veatch, president and CEO of JCB in Seymour, will serve a three-year term ending in 2020.
Members of the 12-person advisory council, established by the St. Louis Fed in 2011, are executives of smaller financial institutions headquartered across the Federal Reserve’s Eighth District. Seymour is a part of the Louisville Zone of the Eighth District.
Council members advise St. Louis Fed President James Bullard on the credit, banking and economic conditions facing their institutions and local communities. Additionally, the chair of the CDIAC has the responsibility of reporting twice yearly to the Federal Reserve Board of Governors in Washington, D.C.
Other St. Louis Fed CDIAC members serving in 2018 are:
Headquartered in St. Louis with branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the states that comprise the Federal Reserve’s Eighth District. The district includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi.
The St. Louis Fed is one of 12 regional reserve banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System.
As the nation’s central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, provides payment services to financial institutions and the U.S. government and promotes financial literacy, economic education and community development.