Naureen Hassan resigns from the New York Fed

NEW YORK, NY (July 12, 2022) — The Federal Reserve Bank of New York today announced that Naureen Hassan has stepped down from her role as First Vice President and Chief Operating Officer. She will be leaving the New York Fed in September 2022 for a senior leadership role in the private sector and in the interim has moved to an advisor role to help facilitate a smooth transition. Helen Mucciolo, Chief Financial Officer and Head of the Corporate Group, will serve as interim First Vice President and Chief Operating Officer until a successor is named.

“Naureen has been an instrumental member of our leadership team, working closely with me and the Executive Committee to move our organization forward,” said John C. Williams, President and Chief Executive Officer of the New York Fed. “From returning to the office to advancing our technology initiatives, we have benefited from her knowledge and experience at a time of great uncertainty. I appreciated working with her and valued her leadership across the Bank and within the Federal Reserve System. I wish her well as she takes on this next career opportunity.”

As First Vice President, Ms. Hassan was the New York Fed’s second-ranking officer, as well as an alternate voting member of the Federal Open Market Committee.

“I have been so impressed with the incredible commitment of New York Fed employees and the great work that they do,” said Ms. Hassan. “It has been a privilege for me to have served alongside such dedicated public servants and to have contributed to the Bank’s mission.”

The eligible members of the Board of Directors of the New York Fed have formed a committee to lead the search for Ms. Hassan’s successor. That committee includes Rosa M. Gil, Chair of the New York Fed’s Board of Directors and Founder, President & Chief Executive Officer of Comunilife, Inc.; Vincent Alvarez, Deputy Chair of the New York Fed’s Board of Directors and President of the New York City Central Labor Council, AFL-CIO; Adena T. Friedman, President and Chief Executive Officer of Nasdaq, Inc.; and Denise Scott, President of Local Initiatives Support Corporation.

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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