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Los Alamos National Bank Chairman and CEO William C. Enloe had to turn down an invitation from Lt. Gov. Diane Denish to serve on her transition advisory team because he’s been appointed to the Federal Reserve Board.
“They called and asked me if I would accept if appointed and I said I would,” said Enloe during an interview Monday. “They vetted me and made sure I wasn’t involved in party politics.”
Enloe attended his first board meeting last week in Kansas City, Mo., where or six hours he enjoyed listening to four different economists speak, he said.
In January, Enloe will attend his first meeting as a full voting member, which will be held in Denver. Twice a year Enloe will attend Federal Open Market Committee meetings in New York City.
He will contribute input to the FOMC, which is the most important monetary policymaking body of the Federal Reserve System. It is responsible for formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
Enloe explained that the FOMC makes key decisions regarding the conduct of open market operations - purchases and sales of U.S. government and federal agency securities, which affect the provision of reserves to depository institutions and, in turn, the cost and availability of money and credit in the U.S. economy. The FOMC also directs Federal Reserve System operations in foreign currencies.
The Federal Reserve Board is comprised of 12 districts and 25 branches throughout the United States. Enloe is assigned to the Denver branch in District 10, which is headquartered in Kansas City.
The responsibilities of directors range from the supervision of the Reserve Bank, assigned by the Federal Reserve Act, to making recommendations on monetary policy. They review their Reserve Bank’s budget and expenditures. They also are responsible for the internal audit program of the Bank.
The Federal Reserve Act requires directors to set the Bank’s discount rate every two weeks, subject to approval by the Board of Governors in Washington, D.C.
This rate is the interest rate depository institutions pay when borrowing from the Reserve Banks. By raising or lowering this rate, the System can influence the cost and availability of money and credit.
As a director, Enloe will bring a regional perspective to the Federal Reserve and an independent assessment of the business outlook and judgment and advice on the credit conditions of the districts he represents.
Enloe began his career with LANB in 1971 and has played a key role in developing the bank’s strategic and operational focus and in maximizing its performance.
LANB serves all commercial and consumer deposit and financing needs with an emphasis on commercial and residential real estate development in Northern New Mexico.
Through the years, Enloe has been active in helping venture capital business get started in New Mexico and has served on several economic development committees locally, on the state level and nationally.
He is chairman of the Governor’s Business Advisory Council, Los Alamos Economic Development Research Park Committee and the New Mexico Banker’s Association Legislative Committee.
Enloe also is treasurer of the New Mexico Economic Development Corporation. He serves as a member of the board of directors of the State Private Equity Investment Committee, Los Alamos Economic Development Committee, Los Alamos Technical Associates, Inc., MIOX Corporation, and a member of the Los Alamos National Laboratory Foundation, the Industrial Business Development Advisory Board, the American Banker’s Association Government Relations Council and the Quality New Mexico Judges Panel.
“I appreciate Lt. Gov. Denish’s invitation but this came up and I couldn’t turn it down,” Enloe said.
Denish is slated to become New Mexico’s first woman governor if Gov. Bill Richardson wins senate approval to become the nation’s commerce secretary early next year.
Denish also invited New Mexico’s youngest delegate, Sean Stimmel of White Rock, to join representatives from the state’s 33 counties to participate in making recommendations to her by Jan. 15.
Denish’s transition advisory leadership will direct the 33 resident teams in the following areas:
• Youth Voices and Youth Vision;
• Economic Stability;
• Government Efficiency and Finance;
• Transportation and Infrastructure;
• Education and Workforce;
• Healthy Families and Communities;
• Energy and Environment;
• Safety and Security; and
• Centennial Anniversary.