The Federal Reserve Bank of Richmond announced that Kenneth R. Banks, founder and CEO of Banks Contracting now Banks Global Group (BGG), will serve a two-year term as Chairman of the Board of Directors of its Baltimore Branch.

On January 1, 2016, Banks became a member of the Board of Directors as one of Maryland’s innovative business leaders. With over 40 years of business expertise, Banks will provide the leadership required to further the board’s key mission of developing monetary policy that will have a positive economic impact on the nation. “It is an honor to serve as chairman of the premier banking institution in the United States, alongside some of the greatest minds in business and monetary policy.” Banks commented. The Federal Reserve Bank of Richmond is in the Fifth district of the United States’ central banking system.

Banks Global Group (BGG) is a multifaceted corporation that focuses on providing access to capital, advising and implementing development projects around the world.

Banks serves as a commissioner for the Maryland Economic Development Commission, a governing body that develops economic policy for the State of Maryland and oversees the Maryland Department of Commerce. In 2010 he was inducted into the Maryland Chamber of Commerce Hall of Fame. Banks also serves on the University Of Maryland School Of Medicine and the R Adams Cowley Shock Trauma Board of Visitors.

About the Federal Reserve:

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.

Their diverse staff is a vital part of the Fifth District. The Board of Directors consists of 7-9 members, who are financially sound and highly respected in their community. Candidates are recommended and selected based on their proven leadership and ability to provide guidance, and insight regarding the economic conditions of their region. In addition to a host of fiduciary duties to the nation’s central bank, the Board of Directors serve as ambassadors of the Federal Reserve.

The Federal Reserve supplies currency to financial institutions and works to maintain stability in the financial sector throughout the region. In addition, the Federal Reserve is a source for economic education information for teachers and students. The Federal Reserve also works with local elected officials and non-profit organizations to support fair housing initiatives throughout the Fifth District.

For more information about the Federal Reserve Bank of Richmond, please visit https://www.richmondfed.org.