Denise Scott redesignated Chair of New York Fed Board of Directors; Rosa Gil redesignated Deputy Chair

NEW YORK, NY (December 23, 2020) — The Federal Reserve Bank of New York today announced that the Board of Governors of the Federal Reserve System has redesignated Denise Scott chair of the New York Fed’s Board of Directors for 2021. Ms. Scott, executive vice president for programs at the Local Initiatives Support Corporation (LISC), has served as a Class C director since August 2016 and has served as chair since January 2019.

The Board of Governors of the Federal Reserve System also redesignated Rosa Gil deputy chair. Dr. Gil is the founder, president and chief executive officer of Comunilife, Inc. She joined the New York Fed’s Board as a Class C director in January 2018 and has served as deputy chair since January 2019.

About Federal Reserve Bank of New York

The Federal Reserve Bank of New York is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, D.C., the Federal Open Market Committee (FOMC), the Federal Advisory Council, the Consumer Advisory Council, and the member banks, compose the Federal Reserve System. As the U.S. central bank, the Federal Reserve is responsible for formulating and executing monetary policy, supervising and regulating depository institutions, ensuring the smooth flow of payments, and providing banking services to the U.S. government and depository institutions.

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.


Suzanne Elio

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Shelley Pitterson

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