Former Arkansas Speaker of the House and current Regional President for Centennial Bank in Jonesboro Davy Carter has been selected to serve as a Federal Reserve Bank branch director in Memphis. Carter told Talk Business and Politics he’s thrilled to take on this new challenge.
“I am very excited about the appointment and looking forward to participating as a Federal Reserve Bank Branch Director. … I am honored to serve in this capacity and am hopeful that the appointment will be beneficial to Jonesboro and Arkansas,” Carter said.
While all of Arkansas falls under the regional watch of the Federal Reserve Bank of St. Louis, there are three branches of the St. Louis Fed: Little Rock, Louisville and Memphis.
Economic activity in most of Arkansas is captured through the Little Rock branch; however, eastern Arkansas, including Jonesboro, is tied to the Memphis branch.
Directors serve as a link between the Federal Reserve and the private sector. Carter said he doesn’t know yet what policies or changes he will pursue in his new capacity. He is slated to attend training sessions later this month in St. Louis and then more training in Washington D.C. in February.
The Federal Reserve is the central bank of the U.S. Its primary functions include enacting monetary policies that promote employment growth, stable prices, and it sets interest rates. It promotes the safety and soundness of individual institutions and seeks to minimize and contain systematic risks through active monitoring and engagement, according to a statement released.
Carter joins the board as another Arkansas banker’s term expired. J. Brice Fletcher, chairman of First National Bank of Eastern Arkansas in Forrest City, just rolled off the Memphis branch board at the end of 2019.