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Mr. Farnsworth served as the Director of Reserve Bank of Operations and Payment Systems for the Board of Governors of the US Federal Reserve System prior to retirement in June 1999. As the Director, Mr. Farnsworth had responsibility for operations of the twelve Federal Reserve banks on behalf of the Federal Reserve Board. During his 18-year term, he represented the Board of Governors on the Group of Ten Committees of the Bank for International Settlements; the Committee on Payment and Settlement Systems; the Group of Computer Experts; and the Security Experts. Mr. Farnsworth’s duties also included automation and communication planning, financial planning, financial control, and budgeting for the Reserve Banks. Prior to joining the Federal Reserve Board, he served as an officer and economist at the Federal Reserve Bank of Richmond, VA. Prior to this, he held teaching positions at the University of Richmond, VA, and at Virginia Commonwealth University. He was also a Professor of Economics at Virginia Tech. Mr. Farnsworth holds a Bachelors of Arts degree in mathematics, a Masters of Science degree in Finance, and a Doctorate in Economics. | 