Monthly Musings on the Federal Reserve Board, SNAP Benefits, Socktober Campaign

Federal Reserve Board Announces Reappointment of Reserve Bank Presidents, First Vice Presidents

Following a comprehensive review by the boards of directors of the regional Reserve Banks, and the unanimous concurrence of Federal Reserve Board members, the Federal Reserve announced the reappointment of Federal Reserve Bank presidents and first vice presidents.

By law, all Reserve Bank presidents and first vice presidents serve five-year terms, with each of the current terms expiring on Feb. 28, 2026. 

In December 2024, the board of directors of each Reserve Bank, representing a wide range of business and community leaders across each district, started a process to assess their president and first vice president across several performance dimensions. Those factors included:

• The president's active engagement with the local business, financial, and nonprofit communities within the district;

• Their effectiveness as the chief executive officer of the Reserve Bank, including developing and implementing the Bank's strategy and leading its staff; and

• Their leadership contributions to the Federal Reserve System as a whole, notably in supporting coordinated System functions and activities.

First vice presidents were largely evaluated in their role as the chief operating officer of each Reserve Bank, with a focus on their management of both local Reserve Bank operations and Federal Reserve System initiatives.

In preparing its overall assessment of each president and first vice president, each board of directors solicited input from a range of parties, including civic and industry leaders in each district. 

As a final step in the process, the Federal Reserve Board considered the evaluation by the board of directors.

The new five-year term begins on March 1, 2026. 

A list of presidents and first vice presidents, by Federal Reserve district, includes:

• Boston: Susan M. Collins, president; and Karen A. Pennell, first vice president.

• New York: John C. Williams, president; and Sushmita Shukla, first vice president.

• Philadelphia: Anna Paulson, president; and Jeanne R. Rentezelas, first vice president.

• Cleveland: Beth M. Hammack, president; and Mark S. Meder, first vice president.

• Richmond (the Fed district that includes South Carolina): Thomas I. Barkin, president; and Becky C. Bareford, first vice president.

• Atlanta: Cheryl L. Venable, first vice president.

• Chicago: Austan D. Goolsbee, president.

• St. Louis: Alberto Musalem, president; and François G. Henriquez, II, first vice president.

• Minneapolis: Neel T. Kashkari, president; and Ron J. Feldman, first vice president.

• Kansas City: Jeffrey R. Schmid, president; Kimberly N. Robbins, first vice president.

• Dallas: Lorie K. Logan, president; and Robert L. Triplett, III, first vice president.

• San Francisco: Mary C. Daly, president; and Sarah E. Devany, first vice president.

Raphael W. Bostic previously announced his retirement as president of the Federal Reserve Bank of Atlanta at the end of his current term, and Shonda S. Clay had previously been approved as first vice president of the Federal Reserve Bank of Chicago for a term starting March 1, 2026, following the retirement of Ellen Bromagen from that role.

The Federal Reserve Bank of Richmond is one of the 12 independent regional Reserve Banks that make up the operating arm of the central bank of the United States, also known as the Federal Reserve. 

Guided by the Fed’s dual mandate — maximum employment and stable prices — it works to strengthen the economy and the communities it serves by advancing the nation’s monetary, financial and payments systems.

The Fifth Federal Reserve District in Richmond, Va., includes North and South Carolina, Virginia, Maryland, Washington, D.C., and most of West Virginia.

--

10+ Million Households With Adults 50+ Participate in SNAP

The Supplemental Nutrition Assistance Program (SNAP) is the nation’s largest antihunger program, helping more than 10 million households with adults ages 50-plus meet their basic food needs, according to the AARP. 

AARP says SNAP reduces food insecurity and poverty and is linked to better health outcomes among older adults.

And according to Olivia Dean and Ari Houser of the AARP Public Policy Institute:

• In Fiscal Year 2023, 10.3 million SNAP households — almost half the 21.4 million total SNAP households — included at least one adult age 50 or older.

• Adults ages 60 and older make up a growing share of SNAP participants, increasing from 12 percent of participants in fiscal year 2016 to nearly 20 percent in Fiscal Year 2023.

• Sixty-seven percent of older SNAP participants live alone.

• Nearly half — 44 percent — of SNAP participants ages 50 to 59 have a disability.

• SNAP households with adults ages 50 and older received an average benefit of $212 per month in fiscal year 2023, not including emergency allotments, or $266 with emergency allotments included.

• Regular SNAP benefits lifted 2.2 million households with adults ages 50 and older out of poverty in fiscal year 2023, and SNAP plus emergency allotments lifted nearly 2.8 million households with older adults out of poverty.

Dean says the program provides eligible individuals and families with a modest monthly benefit to purchase groceries at stores and farmers markets. 

And Dean says under current rules, the federal government covers the cost of SNAP benefits, and states share in the administrative costs.

In December, U.S. Department of Agriculture Secretary Brooke Rollins approved South Carolina Gov. Henry McMaster's waiver to exclude the purchase of candy, energy drinks, soft drinks, and sweetened beverages from the list of eligible foods under SNAP, also known as food stamps. 

“By encouraging families to purchase healthy, nutritious food – and not junk food – we ensure federal taxpayer dollars are used to their maximum benefit and keep South Carolina at the forefront of the effort to Make America Healthy Again,” McMaster said.

According to the Centers for Disease Control and Prevention, South Carolina has one of the highest adult obesity rates in the United States, with approximately 36 percent of adults in the state classified as obese.

In addition, a recent report by the Annie E. Casey Foundation found that 38 percent of children in South Carolina between the ages of 10 and 17 were considered obese. 

--

Compass One Healthcare Donates Over 300,000 Pairs of Socks During 2025 Socktober Campaign

“Socktober” continues to be a celebrated and engaging campaign for Compass One Healthcare associates across the country. 

In 2025, Compass One Healthcare once again exceeded its donation goals by collecting and donating more than 300,000 pairs of socks to local charities across the United States.

Officials say socks are one of the most requested items in shelters, as many unsheltered people rarely have the opportunity to remove their shoes or wash their clothing, making clean socks a critical yet often overlooked necessity.

Several health systems and communities demonstrate support, including:

• Atrium Healthcare associates in North Carolina, South Carolina, Georgia, and Alabama collected more than 14,000 pairs of socks to be donated to various organizations and local shelters across the four states.