NEW YORK–The Federal Reserve Bank of New York announced that Glenn H. Hutchins has been reelected a Class B director of the New York Fed for a three-year term beginning in January 2013.
Mr. Hutchins is a co-founder of Silver Lake, one of the world’s largest private investment firms in the technology industry and technology-enabled businesses. He has spent his business career investing in the most rapidly growing and dynamic companies in the United States and around the world. Mr. Hutchins is chairman of the board of SunGard Corp. and a director of the NASDAQ OMX Group, Inc. and Mercury Payment Systems.
Mr. Hutchins is active in public and charitable service. He served President Clinton in both the transition and the White House as a Special Advisor on economic and healthcare policy and is vice chairman of the board of the Brookings Institution. He is also a director of the Harvard Management Company responsible for the management of the University’s endowment. He is a chairman of the National Advisory Board of the Dubois Institute at Harvard and a trustee of the New York-Presbyterian Hospital.
Mr. Hutchins is an owner and member of the Executive Committee of the Boston Celtics.
Mr. Hutchins holds an A.B. from Harvard College, an M.B.A. from Harvard Business School and J.D. from Harvard Law School.
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, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.