By Latoya Crowe
(TriceEdneyWire.com) – The Federal Reserve System Board of Governors has elected Howard University President Wayne A. I. Frederick to the board of directors of the Federal Reserve Bank of Richmond’s Baltimore Branch.
The branch makes up the fifth district of 12 regional Reserve Banks. Frederick will be one of seven members elected to the branch’s board and will serve a three-year term that begins this month.
“This is a great honor, and I’m excited to contribute my diverse business experience and knowledge to create economic and monetary policies to continue to stimulate growth and stability in our current banking system,” Frederick said.
Frederick will bring prior board experience, having served on the Board of Advisors for the White House Initiative on Historically Black Colleges and Universities (HBCUs), which was established to provide the president and secretary of education advisory support and program and strategy recommendations to strengthen HBCUs.
As the 17th president of Howard University, Frederick leads the federally chartered private HBCU, which has more than 10,000 undergraduate, graduate and professional students. Howard University is one of only 48 U.S. private, doctoral research universities.
Since Frederick assumed leadership of Howard University, he has remained committed to attracting the nation’s top students and generating more award recipients for national and international scholarships and fellowships. In 2016 alone, the university saw an increase in scholarship applications and recipients for the competitive Rhodes, Gates Cambridge, Marshall, and Schwarzman scholarships. This can be attributed to Frederick establishing the Office of the Honors and Scholar Development to provide shared resources for the university’s honors programs and honors societies and to offer assistance to students applying for these nationally competitive awards.
Under Frederick’s leadership, the university has also seen improvements in national college rankings. In fact, in 2017 the university jumped to 124 from a ranking of 142 in 2014 on the U.S. News and World Report Best Colleges Ranking of National Universities. Frederick has remained committed to improving alumni giving, which has increased to 10 percent in 2016 from nearly five percent in 2013.
“Dr. Frederick’s career accomplishments and experiences provide the kind of perspective the Federal Reserve values in its directors,” said Senior Vice President and Regional Executive Dave Beck of the Federal Reserve Bank of Richmond, Baltimore Branch. “He’ll bring valuable insights about trends in healthcare and higher education, and provide a grassroots view into the D.C. metro area economy. We welcome him to the board of our Baltimore office and look forward to his service.”
Frederick’s leadership, healthcare and higher education contributions have been recognized by numerous organizations, and he has received several honors, including being named by the Washington Business Journal as one of the Power 100 of 2015 Innovators. He was named Male President of the Year by HBCU Digest in 2015 and also received the Minority Business Leader Award in 2015 from the Washington Business Journal, and a congressional citation for distinguished service presented by the Honorable Barbara Lee during Caribbean-American Heritage Month in April 2014.
The Richmond Federal Reserve Bank manages the nation’s money supply to keep inflation low, to help the economy grow and to supervise and regulate financial institutions. The regional district includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia.