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List of presidents of the Federal Reserve Bank of New York

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[1]

Left to Right: William J. McDonough (1993–2003), William C. Dudley (2009–2018), Paul Volcker (1975–1979), E. Gerald Corrigan (1985–1993), Timothy Geithner (2003–2008)
The ninth president of the New York Fed, Timothy Geithner, who subsequently served as Secretary of the Treasury
Paul Volcker, the fifth president of the New York Fed and later Chairman of the Federal Reserve

The Federal Reserve Bank of New York (New York Fed) is one of 12 regional reserve banks of the Federal Reserve System, which is the American central bank. It is described as being the most important of the banks, due to it being in the world's center of finance and serving as the Federal Open Market Committee's operating arm. This is also due to its conducting of open market operations and foreign exchange market intervention.[2]

History

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The former title for the chief executive officer of the New York Fed was governor and was renamed to president due to the Banking Act of 1935.[3] Akin to all other reserve bank presidents, the president of the New York Fed is nominated by the Board of Directors of the New York Fed and is approved by the Board of Governors of the Federal Reserve System.[2] The Federal Reserve Act states that the president of a Federal Reserve Bank is the chief executive officer of the bank in question and has a term that ends the last day in February in years ending in 1 or 6. Reserve Bank presidents must retire when they reach the age of 65, nevertheless, if the Board of Governors allows, a president who assumed his position after age 55 may serve until they have served 10 years or reached age 70, whichever is attained first.[4] The areas of the bank involved in business report to both the president and first vice president of the New York Fed. They in turn report to the Board of Directors of the New York Fed.[5] The president of the New York Fed is a permanent member of the Federal Open Market Committee, which is responsible for open market operations.[6]

The Federal Reserve Bank of New York has had ten presidents since its inception, of which some have gone on to hold positions in government. Benjamin Strong, Jr., who had been the president of Bankers Trust Company, became the first president of the New York Fed on October 5, 1914.[7] He said the bank at that point "consisted of little more than a copy of the Federal Reserve Act", but it consumed 100 million U.S. dollars from 211 member banks during the course of that day.[8]

Some presidents have gone on to serve in higher offices. President Jimmy Carter appointed former New York Fed President Paul Volcker as Chairman of the Federal Reserve in 1979 and President Ronald Reagan reappointed him in 1983.[9] President Barack Obama later appointed Volcker to be the first Chairman of the President's Economic Recovery Advisory Board in 2009.[10] President Obama also appointed former New York Fed President Timothy Geithner to be the United States Secretary of the Treasury in his first Cabinet.[11]

Governors and presidents

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# Photo CEO Life span Term start Term end Ref
Governors
1 Benjamin Strong, Jr.* 1872–1928 October 5, 1914 October 16, 1928 [3][7]
2 George L. Harrison 1887–1958 November 24, 1928 — —
Presidents
(2) George L. Harrison 1887–1958 — December 31, 1940 [12]
3 Allan Sproul 1896–1978 January 1, 1941 June 30, 1956 [13]
4 Alfred Hayes 1910–1989 August 1, 1956 August 1, 1975 [14]
5 Paul Volcker 1927–2019 August 1, 1975 August 5, 1979 [15]
6 Anthony M. Solomon† 1919–2008 April 1, 1980 December 31, 1984 [16]
7 E. Gerald Corrigan 1941–2022 January 1, 1985 July 19, 1993 [17]
8 William J. McDonough 1934–2018 July 19, 1993 June 10, 2003 [18]
9 Timothy Geithner 1961– November 17, 2003 January 26, 2009 [19]
10 William C. Dudley 1953– January 27, 2009 June 18, 2018 [20][21]
11 John Williams 1962– June 18, 2018 Incumbent [22]
† Stepped down due to reaching retirement age
* Died in office

References

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  1. ^ Parker, Amy (November 5, 2013). Thank You, God, For Mommy. Tommy Nelson. ISBN 978-0-529-10929-3. OCLC 1051995466.
  2. ^ a b Keleher, Dr. Robert (March 1997). "The Importance of the Federal Reserve" (.pdf). Joint Economic Committee; House of Representatives. pp. 5–6. Retrieved June 5, 2009.
  3. ^ a b "Business & Finance: Death of Strong". Time. October 29, 1928. Archived from the original on November 10, 2008. Retrieved June 5, 2009.
  4. ^ "Frequently Asked Questions (Who are the Federal Reserve Bank presidents?)". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  5. ^ "Organization". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  6. ^ "Federal Open Market Committee". Federal Reserve System. Retrieved June 5, 2009.
  7. ^ a b "Benjamin Strong Jr". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  8. ^ "The Founding of the Fed". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  9. ^ "Paul A. Volcker". Council on Foreign Relations. Archived from the original on June 26, 2010. Retrieved June 5, 2009.
  10. ^ "Obama Announces Economic Advisory Board". whitehouse.gov. February 6, 2009. Retrieved June 5, 2009 – via National Archives.
  11. ^ "Senate Confirms Geithner To Head Treasury". The Washington Post. January 26, 2009. Archived from the original on April 5, 2012. Retrieved June 5, 2009.
  12. ^ "George L. Harrison". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  13. ^ "Allan Sproul". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  14. ^ "Alfred Hayes". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  15. ^ "Paul Volcker". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  16. ^ "Anthony M. Solomon". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  17. ^ "E. Gerald Corrigan". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  18. ^ "William J. McDonough". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  19. ^ "Timothy F. Geithner". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  20. ^ "New York Fed Names William C. Dudley President". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  21. ^ "William C. Dudley". Federal Reserve Bank of New York. Retrieved June 5, 2009.
  22. ^ Casselman, Ben (April 3, 2018). "New York Fed Names John Williams President, Bucking Calls for Diversity". New York Times. Retrieved July 17, 2018.
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