The Federal Reserve Bank of New York announced today that Simon M. Potter, executive vice president and co-head of the Research and Statistics Group, has been named the new head of the Markets Group by New York Fed President William C. Dudley. The Federal Open Market Committee (FOMC) also selected Mr. Potter as Manager of the System Open Market Account (SOMA). Mr. Potter will begin his new roles on June 30, 2012. He succeeds Brian P. Sack, who steps down on June 29, 2012
Mr. Potter’s selection comes after a comprehensive search process that considered a large slate of potential internal and external candidates with a wide range of experiences and backgrounds.
“Simon is a trusted colleague with deep expertise in macroeconomics, financial stability and financial markets, and a reputation for candor and objectivity. His analytical strength and practical experience will prove invaluable as he steps into this new role,” said Mr. Dudley.
Mr. Potter currently serves as director of economic research at the New York Fed. He is also the FOMC representative for the Research and Statistics Group, where he leads analytical work related to forecasting and monetary policy and leads FOMC briefings and preparation. Mr. Potter has played a prominent role in the New York Fed’s financial stability efforts, including contributing to the design of the 2009 U.S. bank stress tests and as a member of the international Macroeconomic Assessment Group that supported the Basel Committee’s work to strengthen bank capital standards. Mr. Potter was also a key contributor to the 2011 Financial Stability Oversight Council’s Annual Report on Financial Stability, its first annual report.
Mr. Potter, 51, has been at the New York Fed for 14 years. Prior to joining the Bank, Mr. Potter was assistant professor of economics at the University of California, Los Angeles. He holds a bachelor’s degree and a master’s degree from Oxford University, United Kingdom, and a doctorate in economics from the University of Wisconsin.
James J. McAndrews, executive vice president, will assume sole leadership of the Research and Statistics Group, and has been appointed associate economist of the FOMC.
Simon Potter's Biography »