The search committee consists of Stephen Friedman, chairman of the bank’s board of directors, and two other directors, Charles V. Wait and Denis M. Hughes. The search committee will engage very soon a national search firm to assist in the process. The committee will try to complete its work as promptly as it prudently can.
In order to allow for an orderly transition, President Geithner will continue to serve as president of the New York Fed for the next several weeks. His Federal Open Market Committee (FOMC) responsibilities will be assumed by the alternate New York Fed representative, Christine Cumming, first vice president, who will serve as a voting member of the FOMC.