John C. Williams reappointed President of New York Fed
NEW YORK, NY (January 22, 2021) — The Federal Reserve Bank of New York today announced the reappointment of John C. Williams as president of the Bank. Eligible members of the New York Fed’s board of directors voted unanimously to reappoint Mr. Williams, and the Board of Governors of the Federal Reserve System approved that decision. Mr. Williams’ new five-year term begins March 1, 2021.
Class A directors, who are drawn from the banking sector, and Class B directors affiliated with certain types of financial institutions are prohibited from participating in the reappointment process. The eligible Class B and Class C directors—Denise Scott, Rosa Gil, Vincent Alvarez, Adena Friedman, Charles Phillips and Glenn H. Hutchins—formed a special standing committee (the Reappointment Committee or Committee) with Ms. Scott as chair, pursuant to the New York Fed’s by-laws, to evaluate Mr. Williams’ performance and consider whether to recommend his reappointment.
The Reappointment Committee met several times to assess Mr. Williams’ performance. The Committee took into account the views of Mr. Williams’ peers and subordinates, the New York Fed’s strategic plan, and Mr. Williams’ self-assessment and future objectives for the Bank. The Committee also collected feedback from key stakeholders within the New York Fed, Federal Reserve System, and Second District, as well as from leaders in academia and at other central banking organizations and members of the Bank’s Community Advisory Group.
“John has demonstrated strong leadership of the New York Fed and has made progress in making the institution more collaborative, transparent, and agile,” said Ms. Scott. “In addition, his effective leadership of the Bank during the COVID-19 pandemic and its contribution to the Fed’s broader response is commendable,” Ms. Scott added.
The Committee also noted that Mr. Williams has taken on leadership roles at the Bank for International Settlements, the Financial Stability Board, and the Economic Club of New York to engage with external stakeholders, and meets regularly with business and community leaders to elicit data and feedback on emerging issues affecting communities within the Second District.
For more information on the reappointment process: http://www.federalreserve.gov/faqs/what-is-the-process-for-reappointing-reserve-bank-presidents.htm
For more information about the New York Fed’s Board of Directors: https://www.newyorkfed.org/aboutthefed/org_nydirectors.html
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.
