Press Release
New York Fed Creates New Group and Names Sandra C. Krieger Executive Vice President
June 26, 2008

NEW YORK–In recognition of the cross-Bank coordination involved in the analysis of payment and settlement systems matters and the assessment and management of the Bank’s risk exposure, New York Fed president Timothy F. Geithner announced today the formation of a new Payments Policy and Credit Risk Management Group.

The Bank’s board of directors promoted Sandra C. Krieger to executive vice president and named her to head the new group. Ms. Krieger will also become a member of the Bank’s Management Committee.

Ms. Krieger has been the head of two functions: the Payments Policy function (PPF) and since June 2007 the Administration Office for the Subcommittee on Credit Risk Management (SAO).

PPF’s mandate is to provide analysis of key payments system issues confronting the Bank and Federal Reserve System and to collaborate with major Bank business lines to coordinate the development of payments policy positions for the Bank. Sandy assumed responsibility as head of PPF in June 2007, but has been a member of PPF since the function was formed in 2004.

The SAO’s mandate is to provide support for the Subcommittee on Credit Risk Management (SCRM), the mission of which is to influence payment system risk, discount window and condition monitoring policies and to promote consistency, coordination and communication across Reserve Banks with respect to the provision of short-term liquidity. Sandy assumed responsibility for establishing and leading the SAO at the Bank in January 2007. She also assumed the responsibility of the Chair of SCRM at that time.

Ms. Krieger joined the Bank in 1981 as an economist in monetary research. In January 1989, she was named an officer of the New York Fed with responsibility over the open market trading and accounting divisions and in December 1993, she was promoted to assistant vice president. In January 1995, Ms. Krieger was appointed vice president with responsibility for domestic market open market operations and was promoted to senior vice president in March 1997 for the same area. Ms. Krieger's portfolio expanded to include discount window operations in 1998, and she continued in the Markets Group until 2002. Between 2002 and 2004, Ms. Krieger was a senior vice president in the Payment Studies function in the Research and Statistics Group.

Ms. Krieger holds a bachelor's degree in mathematical economics from Wesleyan University, and a Ph.D. in economics from the University of California.

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