Fed Designates Jim Park as Chairman of Consumer Council

The Federal Reserve said Jim Park, chief executive officer of New Vista Asset Management in San Diego, was designated chairman of the central bank’s consumer advisory council for 2011.

The Fed also named 10 new members to the group, which advises the Fed’s Board of Governors on the exercise of its duties under consumer-credit legislation, according to a statement from the central bank in Washington. The group will be dissolved once certain consumer-protection functions are transferred from the Fed to the bureau created by last year’s Dodd-Frank Act, the Fed said.

That law authorizes creation of a Consumer Advisory Board to advise and consult with the bureau, the Fed said.

To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net