NEW YORK – The Federal Reserve Bank of New York today announced that the Board of Governors of the Federal Reserve System has redesignated Emily K. Rafferty chair of the New York Fed’s Board of Directors for 2016. Ms. Rafferty, President Emerita of the Metropolitan Museum of Art, has served as a Class C director since January, 2011 and as chair since January, 2013.
The Board of Governors of the Federal Reserve System also redesignated Sara Horowitz deputy chair. Ms. Horowitz is founder and executive director of Freelancers Insurance Company. She joined the New York Fed’s Board as a Class C director in January, 2013 and has served as deputy chair since January, 2014.
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.