The Federal Reserve Bank of New York has announced new leadership designations within its Board of Directors. Pat Wang, who is the president and CEO of Healthfirst, has been appointed as chair of the New York Fed's Board. Wang joined the board as a Class C director in January 2023 and served as deputy chair since January 2024.

In addition to Wang's appointment, Dr. Rajiv Shah, president of The Rockefeller Foundation, has been designated as deputy chair. Shah became a Class C director on the board in January 2024.

According to the Federal Reserve Act of 1913, each Reserve Bank operates under a board of directors' supervision. These boards consist of nine directors representing their respective Reserve Districts' interests. The directors are classified into three groups: Class A Directors represent member banks; Class B and Class C Directors represent public interests. This structure ensures that monetary policy decisions are informed by real economic conditions through the connection between the Federal Reserve and the private sector.

For further information, contact Ellen Simon at (347) 978-3036 or via email at Ellen.Simon@ny.frb.org.