NEW YORK–The Federal Reserve Bank of New York announced that David M. Cote, chairman and chief executive officer of Honeywell International Inc., has been reelected to serve as a Class B director. Mr. Cote was reelected by members of Group 2, a classification for banks with capital and surplus of $40 million to $2 billion, to represent the public. His term ends December 31, 2019.
Honeywell is a $40 billion, Fortune 100, diversified technology leader that invents and manufactures technologies that address some of the world’s most critical challenges around energy, safety, security, productivity and global urbanization. The Company is uniquely positioned to blend physical products with software to serve customers worldwide with aerospace products and services; turbochargers; energy efficient products and solutions for homes, businesses and transportation; specialty chemicals; electronic and advanced materials; process technology for refining and petrochemicals; and productivity, sensing, safety, and security technologies for buildings, homes and industries. Honeywell’s products and solutions enable a safer, more comfortable and more productive world, enhancing the quality of life of people around the globe.
In 2012-2013, Mr. Cote served as a founding member of the steering committee of the Campaign to Fix Debt, a bipartisan effort to build support for a comprehensive U.S. debt reduction plan. He was named vice chair of the Business Roundtable (BRT) in 2011 and chairs its Energy and Environment Committee. In 2010, Mr. Cote was named by President Barack Obama to serve on the bipartisan National Commission on Fiscal Responsibility and Reform, also known as the Simpson-Bowles Commission. Mr. Cote was named co-chair of the U.S.-India CEO Forum by President Obama in 2009 and has served on the Forum since July 2005.
Mr. Cote earned a bachelor’s degree in business administration from the University of New Hampshire, and, in 2011, the University presented him with an honorary Doctor of Humane Letters. In 2009, Mr. Cote was made an honorary professor at the Beihang University of Aeronautics and Astronautics in Beijing, China. In 2001, Mr. Cote received an honorary Doctor of Laws degree from the Graziadio School of Business and Management, Pepperdine 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.