NEW YORK – The New York Fed today announced that Jeffrey R. Immelt, chairman of the board and chief executive officer of General Electric Company, tendered his resignation as a Class B director of the Federal Reserve Bank of New York effective March 9, 2011 due to increased demands on his time. Mr. Immelt had served as a director since January 2006.

"Jeff provided great insight as a valued Board member during a very important time for the Bank and broader economy,” said William Dudley, president and chief executive officer of the Federal Reserve Bank of New York. "Jeff’s longtime contributions on the board exemplify his dedication to public service, for which we are very appreciative.”

About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors, who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, providing important information about the economic and financial conditions in the region.

Immelt Resignation Letter 

Contact:
Jack Gutt
(212) 720-6142
(646) 720-6142
jack.gutt@ny.frb.org