NEW YORK—The Federal Reserve Bank of New York today announced that Thomas J. Murphy has stepped down from its Board of Directors, effective May 15, 2023.
Until May 12, 2023, Mr. Murphy was the president and chief executive officer of Glens Falls National Bank and Trust Company (GFNB). He was also the president and CEO of Arrow Financial Corporation, the Glens Falls, New York-based parent company of GFNB and Saratoga National Bank and Trust Company.
Mr. Murphy joined the New York Fed’s Board of Directors in January 2021 as a Class A director, representing Group 3, which consists of banks with capital and surplus of less than $40 million.
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.