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ADDING A CHAIR: The Federal Reserve Board on Friday designated the chairs at the 12 Federal Reserve Banks for 2014. Myron E. “Mike” Ullman 3rd, who is chief executive officer of J.C. Penney Co. Inc., was named chairman of the Dallas Federal Reserve Bank.
Each Fed Board has nine members. Ullman was appointed to the Dallas Fed Board in 2008, and was deputy chairman in 2011. Each Fed Board supervises the banks within its respective districts and advises the Fed on regional business conditions.