Management and Budget Committee Charter - Federal Reserve Bank of New York


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Management and Budget Committee Charter

SECTION 1. Purpose.
The Management and Budget Committee (the “MBC”)is appointed by the Board of Directors (the “Board”) of the Federal Reserve Bank of New York (the “Bank”) to review and endorse the Bank’s strategic plan, budget and self-evaluation of the Bank’s performance, prepared by Bank management, prior to submission to the Board of Governors of the Federal Reserve System for action.

SECTION 2. Committee Membership.
The MBC shall consist of no fewer than three members. Established in 2004, the members of the MBC shall be appointed by the Board on the recommendation of the Nominating and Corporate Governance Committee. MBC members may be replaced by the Board.

SECTION 3. Meetings.
The MBC shall meet as often as it determines, but not less frequently than annually. Two or more members shall constitute a quorum for the transaction of business, and action by the MBC shall be upon the vote of a majority of those present at any meeting at which a quorum is present. The MBC shall meet at least once per year with the officer or officers of the Bank having responsibility for the Bank’s financial management area. Any vote by the MBC on the Bank’s strategic plan, budget and self-evaluation shall be done in executive session.

SECTION 4. Committee Authority and Responsibilities.
The MBC is responsible for reviewing and endorsing the Bank’s strategic plan, the framework for compensation of the Bank’s senior executives (Senior Vice President and above) and any policies regarding such compensation, the budget and self-evaluation of the Bank’s performance prepared by Bank management, prior to submission to the Board of Governors of the Federal Reserve System for action.

Prior to approving the Bank’s budget, the Chair of the MBC shall consult with the Chair of the Audit and Operational Risk Committee regarding the adequacy of the budget for the Bank’s Audit Function.

The MBC shall make reports to the Board at least annually. The MBC shall review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval. The MBC shall annually review the MBC’s own performance.