Rick Davis, president and chief executive officer of the Salt Lake Convention and Visitors Bureau, has been named chairman of the board of directors of the Salt Lake City branch of the Federal Reserve Bank of San Francisco.
He succeeds Gerald R. Sherratt, former president of Southern Utah University, and is the first executive of a convention and visitors bureau to be appointed to any of the Federal Reserve's 12 banks and 23 branches.In his job, Davis provides the Federal Reserve with data on economic conditions in the travel and tourism industry. He tracks and reports fluctuations in hotel business, airline passenger levels, visitor services, convention activity and travel trends affecting the economies of Utah, southern Idaho and eastern Nevada.
Reports by Davis and other board members assist the Federal Reserve in determining the overall health of the economy. Board members also vote to recommend discount rates and monetary policy.
Davis previously served as a director on the board with an appointment in 1994 by the board of governors in Washington, D.C.