NEW YORK—The Federal Reserve Bank of New York announced that Scott Rechler, chairman and chief executive officer of RXR Realty, has been elected as a Class B Director representing Group 1, which consists of banks with capital and surplus of more than $2 billion. Mr. Rechler will fill the vacancy in the office for the remaining portion of a three-year term ending December 31, 2021.
Mr. Rechler currently serves as chair of the Regional Plan Association, and as trustee and vice chair of the National September 11 Memorial and Museum at the World Trade Center. He is a member of the Real Estate Board of New York (REBNY), chair of the Feinstein Institute for Medical Research and member of the board of trustees at Northwell Health, and a member of the advisory board of the Schack Institute of Real Estate at NYU. Mr. Rechler also serves as co-chair of the board of the Tribeca Film Institute, and on the boards of the Drum Major Institute and the Hospital for Special Surgery.
Mr. Rechler has served as vice chairman of the board of commissioners of the Port Authority of New York and New Jersey, and as a member of the board of the New York Metropolitan Transportation Authority (MTA).
Mr. Rechler is a graduate of Clark University and New York University's Schack Institute of Real Estate.
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.