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 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 Management and Budget Committee shall consist of no fewer than three members. The members of the Management and Budget Committee for 2004 shall be appointed by the Board. The members of the Management and Budget Committee for 2005 and thereafter shall be appointed by the Board on the recommendation of the Nominating and Corporate Governance Committee. Management and Budget Committee members may be replaced by the Board.

SECTION 3. Meetings.
The Management and Budget Committee shall meet as often as it determines, but not less frequently than annually. Two or more members of the Management and Budget Committee shall constitute a quorum for the transaction of business, and action by the Management and Budget Committee shall be upon the vote of a majority of those present at any meeting at which a quorum is present. The Management and Budget Committee 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 Management and Budget Committee on the Bank’s strategic plan, budget and self-evaluation shall be done in executive session.

SECTION 4. Committee Authority and Responsibilities.
The Management and Budget Committee 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 Management and Budget Committee shall consult with the Chair of the Audit Committee regarding the adequacy of the budget for the Bank’s Audit Function.

The Management and Budget Committee shall make reports to the Board at least annually. This charter is effective as of February 15, 2007; the Management and Budget Committee shall review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval. The Management and Budget Committee shall annually review the Management and Budget Committee’s own performance.