NEW YORK—The Federal Reserve Bank of New York announced that Emily K. Rafferty, president of the Metropolitan Museum of Art, has been reappointed a Class C director. Ms. Rafferty will serve a three-year term ending December 31, 2017. Ms. Rafferty is also chair of the New York Fed’s board of directors for 2015.
Ms. Rafferty joined the New York Fed’s board of directors in January 2011, and has served as chair since January 2013.
Ms. Rafferty is president of the Metropolitan Museum of Art, the largest art museum in the United States, where she oversees administrative staff of 1,500 full- and part-time employees and serves ex officio on its Board of Trustees. She joined the Met in 1976, working her way up through the ranks in the Development Department, and later serving as a vice president and senior vice president before her election to the presidency in 2005.
She also serves as chairwoman of NYC & Company, New York City’s tourism and marketing agency, and as a member of the board of directors of the National September 11 Memorial & Museum. In 2012 she received the New York University Lewis Rudin Award for Exemplary Service to New York City. Long affiliated with a number of educational, arts, and inter-museum organizations, she is a frequent speaker on topics relating to the nonprofit sector. She is also involved with a number of not-for-profit organizations in New York and serves as a mentor to women professionals with emerging careers.
She received her bachelor's degree from Boston University. She received a Doctor of Humane Letters from The College of New Rochelle and an honorary Doctor of Laws degree from Fairchild University.
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.