JONESBORO — Davy Carter, who serves on the Board of Advisors for World Trade Center Arkansas, has been named director of the Federal Reserve Bank’s Memphis branch, according to Talk Business & Politics.
“I’ve got a lot to learn,” Carter said Wednesday, Jan. 8, of the new position.
“But I’m excited and honored to do it.”
Carter, 44, is the current Regional President of Centennial Bank in Jonesboro. In his new role he will serve as a link between the Federal Reserve and the private sector, TB&P reported.
A banker and lawyer, Carter previously served as Speaker of the Arkansas House of Representatives from 2013 to 2015. He was first elected in 2009 to represent the 43rd district, which includes Cabot and portions of Lonoke County.
The Federal Reserve is the central bank of the United States. It functions to promote maximum employment and moderate long-term interest rates in the U.S. economy, while also supporting consumer protection and the safety of financial institutions.
TB&P notes Arkansas’ location within the Federal Reserve System is somewhat unique:
While all of Arkansas falls under the regional watch of the Federal Reserve Bank of St. Louis, there are three branches of the St. Louis Fed: Little Rock, Louisville and Memphis.
Economic activity in most of Arkansas is captured through the Little Rock branch; however, eastern Arkansas, including Jonesboro, is tied to the Memphis branch.
Carter said he’ll be traveling to St. Louis and Washington, D.C. in the coming the weeks to learn more about his duties.
The mission of the World Trade Center Arkansas is to grow trade and increase Arkansas exports by connecting Arkansas businesses to the world through international trade services.
The center is part of the University of Arkansas and serves as the trade promotion arm for the Arkansas Economic Development Commission. For more information and valuable updates, please follow the center on Facebook and Twitter or subscribe to the World Trade Center Arkansas newsletter.