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Virginia executives tapped to serve on Fed board
by Heather B. Hayes
for Virginia Business
July 2007
Two Virginia executives nominated to serve on the Federal Reserve Board of Governors could bring a banker’s perspective to a group now dominated by economists.
President Bush nominated Elizabeth
A. “Betsy” Duke and Larry A. Klane to fill
vacancies on the seven-member Fed board. Duke is senior
executive vice president and chief operating officer
at Portsmouth-based TowneBank, and Klane is president
of global financial services for Capital One Financial
Corp. in McLean. If confirmed by the Senate, they would
help shape national monetary policy and oversee federal
banking regulations.
Board members usually serve for 14 years, but Duke and Klane will be filling the unexpired terms of retiring governors. Duke would serve until 2012 (when her predecessor’s term would have ended) and Klane, until 2010. Both are eligible for renomination when their terms expire.
Duke is a mainstay of community banking in Virginia. She helped start the Bank of Tidewater in Virginia Beach and served as its president and CEO. Duke also headed community bank development at SouthTrust Bank and ran the Merger Project Office while an executive vice president at Wachovia Bank. She recently completed a stint as the first chairwoman of the American Bankers Association.
Klane joined Capital One in 2000 where, among other duties, he has responsibility for the firm’s savings bank. Previously, he was managing director of corporate trust and agency services at the Deutsche Bank. He also has worked in strategy, marketing and corporate development posts for Walt Disney, Booz Allen Hamilton and William Kent International.
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