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NKU President Appointed to Board of Federal Reserve of Cleveland in Cincinnati

Northern Kentucky University President Ashish Vaidya was appointed to serve on the board of directors for the Federal Reserve Bank of Cleveland's Cincinnati Branch. President Vaidya joins six other industry and community leaders on the board who will share expertise on local market conditions and advance the Federal Reserve's economic activities, a news release said.

The Federal Reserve Bank of Cleveland is one of the twelve regional Reserve Banks that encompass the Federal Reserve System and operates as part of the nation's central bank.

Vaidya will support the Cleveland Fed’s priorities and activities, which include economic research, the supervision of banks and the provision of payment services to banks and the U.S. government, the announcement said. He will also help inform U.S. monetary policy and elevate the business and civic communities' wellbeing throughout his three-year term.

“Cleveland Fed directors play an important role in the effective functioning of the Federal Reserve by providing timely information on economic conditions in the region,” said Rick Kaglic, Cincinnati Branch vice president and senior regional officer, Federal Reserve Bank of Cleveland. “Our directors have a range of experience and perspectives that help us understand how various business sectors and communities are experiencing the economy. Their regional insights, in turn, help inform national monetary policymaking.”

As an economist by trade, the role is a natural fit for Vaidya.

"The past year has resulted in an economic downturn unlike anything since the Great Depression," said Vaidya. "With the vaccine and new infusion of resources, we are beginning to see the economic challenges and opportunities the post-pandemic world will offer. I am thankful for the opportunity to serve as one of our country's principal advisors on many of the tremendous uncertainties we face."

Vaidya also serves on the board of one of the nation's top higher education organizations, the American Association of State Colleges and Universities. His research has increasingly focused on regional engagement and economic development strategies and has made numerous contributions to the field during his academic career.

NKU Economist Janet Harrah serves on the Cleveland Fed’s Cincinnati Business Advisory Council. The institutions also collaborate to present the Danny Dollar Academy, which teaches financial literacy through the story of an 11-year-old aspiring millionaire and his successful lemonade stand venture.

-Staff report

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