Michael Held resigns from the New York Fed

NEW YORK, NY (April 8, 2022) — The Federal Reserve Bank of New York today announced that Michael Held has decided to step down from his role as General Counsel and Head of the Legal Group. He will be leaving the Bank in June 2022 and in the interim will move to an advisor role to help facilitate a smooth transition. YoonHi Greene and James Bergin, both Deputy General Counsel, will co-lead the group until a successor is named.

“For two and a half decades, Mike has been a dedicated public servant whose efforts have had a meaningful impact supporting the New York Fed’s mission,” said John C. Williams, President and Chief Executive Officer of the New York Fed. “With sound judgment and deep expertise, Mike has leveraged his leadership skills to better the work that we do and how we do it. I want to thank him for his impressive career and the legacy that he leaves behind.”

As General Counsel, Mr. Held has been a member of the Bank’s Executive Committee and has served as Deputy General Counsel of the Federal Open Market Committee.

“It has been an honor to work with such a talented and committed group of central bankers,” said Mr. Held. “I count myself lucky to have had the privilege to be part of this incredible team for as long as I have.”

During his tenure, Mr. Held advised the Bank’s senior leaders on a wide range of matters, including regulation and supervision of financial institutions, anti-money laundering and OFAC, corporate investigations, corporate governance and ethics, director responsibilities, and litigation. In addition, he developed the New York Fed’s first pro bono program and was an executive sponsor of the Financial Institutions Culture & Conduct initiative. He previously served as the Bank’s Corporate Secretary and has been a Deputy General Counsel in the Legal Group. Mr. Held joined the New York Fed in 1998 as a staff attorney.

The New York Fed will soon launch a search for Mr. Held’s successor.

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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