Fed appoints Cost to Jacksonville branch

Timothy P. Cost, president of Jacksonville University, has been appointed to the board of directors of the Federal Reserve Bank of Atlanta’s Jacksonville (Fla.) Branch, according to a press release. Cost’s term began July 23, and runs through Dec. 31. He is filling an unexpired term.

Cost serves as chairman of the boards of the Jacksonville Civic Council and JAXUSA Partnership, and he is vice chair of the board of directors of the Jacksonville Symphony Orchestra. He is a member of the boards of directors of the Atlantic Suns Presidents Council, Brooks Rehabilitation Hospital, Guidewell Mutual Holding Corporation, the Jacksonville Chamber of Commerce, the Jacksonville University Board of Trustees, JaxSports, the NCAA Presidential Forum, Stein Mart Inc., THE PLAYERS Council, WJCT and Web.com.

Cost earned his MBA from the University of Rochester and his bachelor’s degree from Jacksonville University. He was inducted into the Florida Council on Economic Education Business Hall of Fame in 2015 and was awarded Jacksonville University’s Distinguished Alumni Award in 2006.

Federal Reserve Bank of Atlanta branch directors provide economic information from the branch territory to the Reserve Bank president and head office directors, who use the information in monetary policy deliberations and making discount rate recommendations. Cost was appointed to the board of directors of the Jacksonville Branch by the Federal Reserve Board of Governors in Washington, D.C.

The Board of Governors appoints three of the Jacksonville Branch directors, and the Atlanta head office directors appoint four.