Dorothy Savarese, chair and CEO of Cape Cod 5, has been appointed by the Federal Reserve Board to serve as president of the Community Depository Institutions Advisory Council (CDIAC) for 2020.

Savarese was appointed last year to the 12-member CDIAC, which provides first-hand input to the Federal Reserve Board of Governors about the economy, lending conditions and other related issues. The CDIAC includes one delegate from the advisory council for each of the Federal Reserve districts and represents a mix of commercial banks, thrift institutions and credit unions.

“I am so honored by this opportunity to further support the efforts of the Federal Reserve and my depository institution colleagues and the communities they serve,” Savarese said in a statement. “Working together with the council representatives, I look forward to continuing to facilitate the provision of insights into local economies from around the country and furthering the understanding of the importance of community depository institutions like Cape Cod 5, which serve as trusted resources for the individuals and businesses that contribute to the vitality of our communities.”

Savarese joined the Federal Reserve Bank of Boston’s First District CDIAC in 2018 and is currently chair. Savarese is past chair of the American Bankers Association and has served on the FDIC Advisory Committee on Community Banking.