NEW YORK – The Federal Reserve Bank of New York today announced that Michael Strine, first vice president and chief operating officer, will retire from the New York Fed on February 28th, 2021, when he completes his current term. Mr. Strine is the second ranking officer in the Bank and a member of the Bank’s Executive Committee, as well as an alternate voting member of the Federal Open Market Committee.
In order to facilitate an orderly and smooth transition, Mr. Strine will relinquish his day-to-day responsibilities on November 10th, but will remain available to assist as necessary. Beginning on November 11th, Helen Mucciolo, executive vice president and head of the New York Fed’s Corporate Group, will assume the role of acting first vice president and chief operations officer until a replacement is in place.
Michael Strine was appointed first vice president of the New York Fed by its board of directors in July of 2015. Prior to that, Mr. Strine was executive vice president and head of the Bank’s Corporate Group. In that role, he oversaw the Bank’s financial management, business continuity, investment review, real estate, data, procurement and other general support functions.
As first vice president, Mr. Strine was responsible for monitoring the New York Fed’s financial and operational performance, promoting a strong risk management and control culture and ensuring that the Bank has strong leadership, effective succession planning and a diverse workforce. He has led and served on several key Federal Reserve System committees that govern technology, human resources, enterprise risk management, policies and payments infrastructure.
“Michael has significantly strengthened the Bank’s operational capabilities, strategic planning, resourcing, prioritization and evaluation processes and made the institution more resilient to a range of challenges, including in the cyber realm, which has allowed us to better meet our objectives in support our mission.,” said John C. Williams, president and chief executive officer of the New York Fed. “We want to thank Michael for his over seven years of service to the Bank and wish him the best,” added Mr. Williams.
The eligible members of the New York Fed’s Board of Directors will immediately begin the search for Mr. Strine’s successor. Information about the process will be forthcoming.
About the New York Fed
The New York Fed oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity. The New York Fed has several unique responsibilities as part of the Federal Reserve System, including conducting open market operations to execute monetary policy on behalf of the FOMC, acting as the fiscal agent of the U.S. Treasury, operating Fedwire, and providing banking and clearing services to foreign central banks, governments and international agencies.