AutoNation Inc. CEO Mike Jackson has been named chair of the Federal Reserve Bank of Atlanta's board, the bank said Wednesday. His one-year term began Jan. 1.
Jackson, who had been deputy chair, replaces Thomas Fanning, CEO of Southern Co. In 2013, Jackson chaired the Atlanta Fed's Miami branch.
The Federal Reserve Bank of Atlanta is one of 12 banks that make up the Federal Reserve System, which oversees banking in the U.S. Those banks also provide insights into U.S. economic conditions to the Fed in Washington, D.C. Raphael Bostic, the Atlanta Fed's CEO, sits on the Federal Open Market Committee, which sets monetary policy.
The Atlanta Fed, along with its peers, has a nine-member board of directors. Three are generally bankers elected by banks that are members of the Federal Reserve System; three are elected by those banks to represent commerce, industry, agriculture, labor and consumers; and three, including the chair and deputy chair, also represent those varying interests but are appointed by the Board of Governors in Washington.
The Atlanta Fed's territory includes Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee.
Jackson has been CEO of AutoNation, the nation's largest new-vehicle retailer, since 1999.