HUGHESVILLE, Md. (Jan.16, 2015)—Austin J. Slater, Jr., SMECO president and CEO, was appointed to serve on the board of the Baltimore branch of the Federal Reserve Bank of Richmond. Slater was appointed by the Richmond board of directors to a three-year term, beginning January 1, 2015.
Slater remarked, "I am truly honored to represent Southern Maryland on the board of this important institution. The board members represent different regions within the Fifth District, as well as a variety of industries. And as the CEO of one of the nation's largest electric cooperatives, I am proud to share the strengths of the consumer-owned utility business model with the Federal Reserve. I think it's important to broaden recognition of-and increase appreciation for-the cooperative business model, which has been proven to work in a multitude of industries." Slater, who has a bachelor's degree in economics from Shepherd College and an MBA in finance from George Washington University, also serves on the Board of Directors of the Community Bank of the Chesapeake.
The Federal Reserve Bank of Richmond, with branches in Baltimore, Maryland and Charlotte, North Carolina, serves the Fifth Federal Reserve District. The Richmond Fed opened its doors in 1914. As part of the Fed's Fifth District, the Federal Reserve Bank of Richmond's Baltimore branch is an operational and regional center for Maryland, the metropolitan Washington D.C. area, northern Virginia and northeastern West Virginia.
As part of the nation's central bank, the Federal Reserve Bank of Richmond is one of 12 regional Reserve Banks that works together with the Federal Reserve's Board of Governors to strengthen the nation's economy and its communities. The Federal Reserve manages the nation's money supply to keep inflation low and help the economy grow. The Fed also supervises and regulates financial institutions to help safeguard the nation's financial system and protect the integrity and efficiency of its payments system.
The Baltimore branch supplies coin and currency to financial institutions and works to maintain stability in the financial sector throughout the region. The Baltimore branch works with the media to provide information on the local economy, with teachers and students to provide economic education resources, and with local elected officials and non-profit organizations to support fair housing initiatives throughout the Fifth District.