NEW YORK—The Federal Reserve Bank of New York today announced that the Board of Governors of the Federal Reserve System has designated Vincent Alvarez, president of the New York City Central Labor Council, AFL-CIO, as chair of the New York Fed’s Board of Directors for 2023. He joined the New York Fed’s Board as a Class C director in January 2019 and has served as deputy chair since January 2022.
The Board of Governors has also designated Dr. Rosa M. Gil, founder, president, and chief executive officer of Comunilife, Inc., as deputy chair of the Board. She joined the New York Fed’s Board as a Class C director in January 2018 and has served as chair or deputy chair since January 2019.
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.