Pat Wang has been redesignated as chair of the Board of Directors for the Federal Reserve Bank of New York, according to an announcement by the bank. Wang, who is president and chief executive officer of Healthfirst, first joined the board as a Class C director in January 2023. She served as deputy chair beginning in January 2024 and has held the position of chair since January 2025.
The Board of Governors has also redesignated Dr. Rajiv Shah, president of The Rockefeller Foundation, as deputy chair of the board. Dr. Shah became a Class C director at the New York Fed in January 2024 and began serving as deputy chair in January 2025.
“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.”
For further information, contact Ellen Simon at (347) 978-3036 or Ellen.Simon@ny.frb.org.
