Northern Kentucky University president Ashish Vaidya has been appointed to the board of directors of the Cincinnati branch of the Federal Reserve Bank of Cleveland. President Vaidya joins six other industry and community boards who will share expertise on local market conditions and fuel the Federal Reserve’s economic activities, a press release said.
The Federal Reserve Bank of Cleveland is one of the twelve regional reserve banks that make up the Federal Reserve System and operate as part of the country’s central bank.
Vaidya will support the Cleveland Fed’s priorities and activities, including economic research, banking supervision and the provision of payment services to banks and the US government, the announcement said. He will also help educate US monetary policy and improve the well-being of businesses and citizens during his three-year tenure.
“The directors of the Cleveland Fed play an important role in the effective functioning of the Federal Reserve by providing timely information about economic conditions in the region,” said Rick Kaglic, vice president of the Cincinnati Branch and senior regional officer for the Federal Reserve Bank of Cleveland . “Our directors have a range of experiences and perspectives that help us understand how different businesses and communities experience the economy. Their regional insights in turn help influence national monetary policy. “
As an economist by profession, the role is a natural fit for Vaidya.
“The past year has resulted in an economic downturn since the Great Depression,” said Vaidya. “With the vaccine and the new infusion of resources, we are beginning to see the economic challenges and opportunities that the world will present after the pandemic. I am grateful for the opportunity to serve as one of our country’s primary advisors on many of the tremendous uncertainties that are emerging we have a face. “
Vaidya is also a board member of one of the country’s leading higher education organizations, the American Association of State Colleges and Universities. His research has increasingly focused on strategies for regional engagement and economic development and has made numerous contributions in this area throughout his academic career.
NKU economist Janet Harrah is a member of the Cleveland Fed’s Cincinnati Business Advisory Council. The institutions are also working together to introduce the Danny Dollar Academy, which teaches financial literacy through the story of an 11-year-old aspiring millionaire and his successful lemonade stand.