Beverly Hirtle to become Research Advisor as New York Fed launches search for next Director of Research

NEW YORK, NY (June 6, 2023) — The Federal Reserve Bank of New York today announced that Beverly Hirtle, currently Director of Research and Head of the Research and Statistics Group, will become a Research Advisor on June 30. The New York Fed has launched a search for her successor. In the interim, Andrew Haughwout, Director of Household and Public Policy Research, will serve as Director of Research and Head of the Research and Statistics Group.

“In her 37 years at the New York Fed, Bev has played a critically important role within the Federal Reserve System and internationally by conducting valuable research, serving on important System projects, and mentoring generations of economists,” said John C. Williams, president and chief executive officer of the New York Fed. “Over the past seven years, she has been an outstanding leader of the Group and the Bank and a strong champion of diversity, equity, and inclusion. We are delighted to welcome Bev to her new advisory role, where we will continue to rely on her wealth of knowledge and excellent advice.”

“It has been an absolute privilege to lead the creative, dedicated, and insightful people in the Research and Statistics Group over the past seven years,” said Ms. Hirtle. “I have been so lucky to lead the Group and have been honored to help lead the Bank as a member of the Executive Committee. I’m looking forward to returning to the work I love as a research economist and contributing to policy work on banking and financial stability issues.”

Ms. Hirtle joined the New York Fed in 1986 as an economist in the Domestic Financial Markets function in the Research Group. She has held several roles across the Research and Statistics Group, the Bank, and the Federal Reserve System, including as deputy chair of the Federal Reserve Model Oversight Group responsible for the design and implementation of the Comprehensive Capital Analysis and Review and Dodd-Frank Act stress tests. She also spent nearly four years in a research-oriented unit in the Supervision Group.

Ms. Hirtle’s academic research is considerable, including work on bank holding company dividend and repurchase activity, stress testing, disclosure and risk management, the impact of derivatives on bank risk and credit supply, and trends in retail banking activity.

About Federal Reserve Bank of New York

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.


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