The Federal Reserve's board has filled out the leadership roster for all 12 of its banks, it announced in a press release. Chairs and vice chairs for each were set, with the appointments effective for 2014. These individuals are drawn from various walks of society, and most are economists or high-ranking corporate executives. Officials from companies such as J.M Smucker, Motorola Solutions, and J.C. Penney are represented among the new chairs and their deputies.
Each chair and vice chair is selected by the Fed's board of governors from an individual bank's nine-member board of directors. The 12 banks are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.