In accordance with Section 4 of the Federal Reserve Act, as amended, and the circular for the nomination of directors dated September 22, 2026, the Federal Reserve Bank of New York is holding an election to choose successors, to serve for a three-year term, for the following two directors at this Bank: Class A director, John H. Buhrmaster, Chairman and Chief Executive Officer of 1st National Bank of Scotia; and Class B director, Arvind Krishna, Chairman, President and Chief Executive Officer of IBM. The current Class A and Class B director terms will expire on December 31, 2026. Both of these directors are eligible for re-election and both were nominated to serve another term. The names of the institutions that submitted nominations are shown in the Election Circular.
Both of these directors were elected by member banks in Group 3, that is, member banks with capital and surplus of $40 million or less, and their successors will be chosen by this Group. Member banks in Groups 1 and 2 will not participate in this election.
