For immediate release: Jan. 19, 2011
José S. Suquet, chairman of the board, president and chief executive officer of Pan-American Life Insurance Group, has been elected to the Federal Reserve Bank of Atlanta's board of directors. His three–year term began Jan. 1, 2011.
Suquet joined Pan-American Life Insurance Group in November 2004 as president and chief executive officer. Previously, Suquet held senior management posts in the insurance industry for more than two decades, including serving as senior executive vice president and chief distribution officer of AXA Financial.
Suquet is chairman of the board of trustees of the United Way of the Greater New Orleans Area and chaired the United Way campaign for 2008. He is a board member of the Ochsner Health System, former chairman of LIMRA International, former member of the board of trustees of the American College, former director of the Greater New York YMCA and former trustee of the Browning School, Florida International University Foundation and Baptist Hospital Foundation. He previously served as a director of the New Orleans Branch of the Federal Reserve Bank of Atlanta.
Suquet was born in Cuba and graduated from Fordham University with a bachelor's degree and holds an MBA from the University of Miami.
Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors are generally bankers and are elected by national and state-chartered banks that are members of the Federal Reserve System. Three Class B directors are also elected by these banks but represent commerce, industry, agriculture, labor and consumers. Three Class C directors represent the same broad array of public interests but are appointed by the Board of Governors in Washington,D.C. The Reserve Bank's chair and deputy chair must be Class C directors. Suquet is a class B director.
The board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank's operations and recommends changes in the discount rate. Board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the bank's president.