ST. LOUIS — Lewis F. Mallory Jr., chairman and CEO of Cadence Financial Corporation in Starkville, Miss., has been appointed as the representative for the Federal Reserve's Eighth District to serve on the Federal Advisory Council.
Established by the Federal Reserve Act, the Federal Advisory Council consists of one representative from each of the 12 Reserve Bank Districts. The members of the council confer at least four times a year with the Federal Reserve Board of Governors in Washington, D.C., on economic and banking developments, and make recommendations on Fed system activities. Representatives on the council may be reappointed and can serve a maximum of three one-year terms.
With branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the Eighth Federal Reserve District, which 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, and provides payment services to financial institutions and the U.S. government.
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