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Ken Banks appointed to Federal Reserve Board of Directors

2/19/2016, 8 a.m.
The Board of Governors of the Federal Reserve appointed Ken Banks, Founder and CEO of Banks Contracting Company Inc., to ...
Ken Banks was recently appointed to Federal Reserve Board of Directors. (Courtesy Photo)

— The Board of Governors of the Federal Reserve appointed Ken Banks, Founder and CEO of Banks Contracting Company Inc., to the Federal Reserve Bank of Richmond Board of Directors. Banks’ three-year term as a Board of Director for the Baltimore Branch began January 1, 2016.

As one of Maryland’s renowned business visionaries, Banks brings to the director role 35 years of business expertise and insights 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 of the nation’s central banking system, which includes Maryland, Washington, D.C., North Carolina, South Carolina, Virginia and most of West Virginia. Each Board of Directors typically consists of seven-to-nine members who provide guidance, as well as information and insight regarding the economic conditions of their region. The Board of Directors also serves as ambassadors who help 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 of Maryland and oversees the Maryland Department of Commerce in its efforts to support creation, attraction and retention of businesses and jobs. Moreover, Banks is 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 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; Maryland Chamber of Commerce –Board of Directors; and the Greater Baltimore Committee – Board of Directors.

Banks has expanded his influence internationally as a facilitator of global partnerships, working to secure financial resources for housing, hospitals and infrastructure. Ken’s philanthropic activities include contributing to numerous local charities, in addition to supporting innovative projects that have global economic reach. Banks is integrally involved with the Johns Hopkins Puno Global Health Research Project to design and create locally assembled ventilation systems for thatched and adobe-style homes, in regions throughout the world.

For more information about Banks Contracting Company Inc., visit: http://www.bankscontracting.com/, and for more information about the Richmond Fed, visit https://www.richmondfed.org.