The Federal Reserve Board of Governors appointed Ken Banks, Founder & CEO of Banks Contracting Company Inc., to the Federal Reserve Bank of Richmond Board of Directors. His three-year term as a Board of Directors member for the Baltimore Branch began on January 1, 2016.
Banks brings to his new role 35 years of business insights and experience to help inform the Fed’s monetary policy deliberations. Banks commented: “It’s an honor and privilege to serve with the premier financial institution in the United States.”
The Richmond Fed comprises the Fifth Federal Reserve District – Maryland, Washington, D.C., North Carolina, South Carolina, Virginia and most of West Virginia – of the nation’s central banking system. Each Board of Directors typically consists of 7-9 members who provide guidance, information and insight regarding the economic conditions of their region. The Board of Directors also serve as ambassadors, helping the public understand the Fed’s mission and its role in the regional and national economies.
Banks also serves as a commissioner for the Maryland Economic Development Commission, a governing body that develops economic policy in the State and oversees the Maryland Department of Commerce in its efforts to support creation, attraction and retention of businesses and jobs. Banks is also a member of the Governor’s Workforce Investment Board (GWIB), the governor’s chief policy-making body for workforce development in Maryland.
Additionally, Banks serves on the Maryland Chamber of Commerce – Board of Directors, Johns Hopkins Bloomberg School of Public Health – Health Advisory Board, University of Maryland School of Medicine – Board of Visitors, the R Adams Cowley Shock Trauma – Board of Visitors, the Maryland Chapter of the Cystic Fibrosis Foundation – Board of Directors, and the Greater Baltimore Committee – Board of Directors.
Banks was inducted into the Maryland Business Hall of Fame in 2010.
Media Contact: Candace Jaimes
DC Nadia Group LLC