Jan. 21, 2021 — Northern Kentucky University President Ashish Vaidya has been appointed to serve on the Board of Directors for the Federal Reserve Bank of Cleveland's Cincinnati Branch. President Vaidya joins six other industry and community leaders on the Board who will share expertise on local market conditions and advance the Federal Reserve's economic activities.
The Federal Reserve Bank of Cleveland is one of the 12 regional Reserve Banks that encompass the Federal Reserve System and operates as part of the nation's central bank. President Vaidya will support the Cleveland Fed’s priorities and activities, which include economic research, the supervision of banks and the provision of payment services to banks and the U.S. government. He will also help inform U.S. monetary policy and elevate the business and civic communities' wellbeing throughout his three-year term.
“Cleveland Fed directors play an important role in the effective functioning of the Federal Reserve by providing timely information on economic conditions in the region,” said Rick Kaglic, Cincinnati Branch vice president and senior regional officer, Federal Reserve Bank of Cleveland. “Our directors have a range of experience and perspectives that help us understand how various business sectors and communities are experiencing the economy. Their regional insights, in turn, help inform national monetary policymaking.”
An economist by trade, President Vaidya has applied a thoughtful approach to financial analysis during his tenure at NKU. He navigated the university's resolution to exit the Kentucky Employees Retirement System (KERS) in the fall and increased its net position over the last two fiscal years.
"The past year has resulted in an economic downturn unlike anything since the Great Depression," said President Vaidya. "With the vaccine and new infusion of resources, we are beginning to see the economic challenges and opportunities the post-pandemic world will offer. I am thankful for the opportunity to serve as one of our country's principal advisors on many of the tremendous uncertainties we face."
President Vaidya is also on the Board of Directors for one of the country's top higher education organizations, the American Association of State Colleges and Universities. His research has increasingly focused on regional engagement and economic development strategies and has made numerous contributions to the field during his academic career.
The Board appointment continues NKU’s involvement with the Federal Reserve. NKU Economist Janet Harrah serves on the Cleveland Fed’s Cincinnati Business Advisory Council. The institutions also collaborate to present the Danny Dollar Academy, which teaches financial literacy through the story of an 11-year-old aspiring millionaire and his successful lemonade stand venture.
For more information on President Vaidya’s tenure at NKU, visit the university’s website.
About NKU: Founded in 1968, NKU is an entrepreneurial state university of over 16,000 students served by more than 2,000 faculty and staff on a thriving suburban campus nestled between Highland Heights, Kentucky and bustling downtown Cincinnati. We are a regionally engaged university committed to empowering our students to have fulfilling careers and meaningful lives. While we are one of the fastest-growing universities in Kentucky, our professors still know our students' names. For more information, visit nku.edu.