NEW YORK -- The Federal Reserve Bank of New York has named Beverly J. Hirtle executive vice president, head of the Research and Statistics Group and director of research effective immediately. She will also serve on the Bank’s management committee. The appointment was made by the Bank’s Board of Directors.
As head of the Research and Statistics Group, Ms. Hirtle will oversee a group that provides analytic support for the Bank’s responsibilities relating to monetary policy, banking supervision, payments systems and financial market issues.
“Over the years, Beverly has made tremendous contributions to policy developments, particularly in the realm of banking and financial stability,” said William C. Dudley, president and chief executive officer of the New York Fed. “The Research Group of the New York Fed is held in very high regard, and Beverly is the right person to lead the Group going forward.”
Ms. Hirtle joined the Bank 30 years ago as an economist in the Domestic Financial Markets function in the Research Group. Most recently, she was a senior vice president in the Financial Intermediation function of the Research and Statistics Group. In more recent years, her work has focused on bank capital adequacy and supervisory stress testing. Among her other roles, she was deputy chair of the Federal Reserve Model Oversight Group responsible for the design and implementation of the Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act (DFAST) stress tests. Ms. Hirtle also spent nearly four years in a research-oriented unit (Banking Studies) in the Supervision Group.
She has served on the Operating Committee of the Large Institution Supervision Coordinating Committee (LISCC), which coordinates the Federal Reserve’s supervision of large, complex financial institutions and she recently co-authored a paper describing the implementation of supervision of these firms at the Bank. Her academic research is considerable, including work on bank holding company dividend and repurchase activity, stress testing, disclosure and risk management, the impact of derivatives on bank risk and credit supply, and trends in retail banking activity.
Ms. Hirtle holds a B.A. in Economics and American Studies from Amherst College and a Ph.D. in Economics from Massachusetts Institute of Technology.