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Federal Reserve announces appointment of New York Fed board chairman

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On Friday December 14, 2013 the Federal Reserve announced the appointments of the nine (9) regional chairs and co-chairs for the 2014 year.

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The New York Fed is the Federal Reserve’s chief point of interaction with financial markets, as such the position of board chairman is a highly coveted position.

Some of the past chairman’s have been high profile figures like Stephen Friedman of Goldman Sachs, Jamie Dimon of JP Morgan Chase, Richard Fuld of Lehman Brothers and Denis Hughes from the AFL-CIO.

The New York Fed operates under the general supervision of the Board of Governors of the Federal Reserve System. The Federal Reserve Board reports to Congress twice a year and is subject to several layers of audit and review by the General Accountability Office and Office of the Inspector General. The New York Fed has a Board of Directors, an Ethics Office, an internal audit function, and the financial statements are audited annually by an independent external firm.

On Friday the Federal Reserve announced that Emily K. Rafferty, president of the Metropolitan Museum of Art, was renamed chair, with Sara Horowitz, the executive director of the Freelancers Union, promoted to deputy of the Federal Reserve Bank of New York.

Federal Reserve officials utilize the regional boards as key sources of local business and financial research and intelligence. The regional boards are made up of representatives from different sectors of society that bring financial, business and community experience to the job and help the regional Fed banks manage their operations.

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