New York Fed launches search for Head of New York Innovation Center
NEW YORK, NY (January 11, 2021) — The Federal Reserve Bank of New York today announced that it is launching a search for a Director of its New York Innovation Center.
The New York Innovation Center will be an office within the New York Fed that harnesses expertise and resources from across the Federal Reserve to collaborate globally with private and public sector institutions on projects, initiatives and activities that promote financial sector innovation.
A principal function of the New York Innovation Center will be to collaborate with the Innovation Hub of the Bank for International Settlements (BIS) on issues related to innovation in the financial sector that are of importance to the central banking community.
In 2020, the BIS and the New York Fed announced their intention to form a strategic partnership for this purpose and, last week, they entered into a memorandum of understanding formally establishing the relationship.
The BIS Innovation Hub was established by the BIS to identify and develop in-depth insights into critical trends in financial technology, explore the development of tools to enhance the functioning of the global financial system, and serve as a focal point for a network of central bank experts on innovation.
The New York Fed is seeking a leader for this inaugural role to develop and drive this effort forward in partnership with colleagues across the Federal Reserve System, and in collaboration with the BIS and other affiliated innovation hubs in Hong Kong, Singapore, Switzerland, Toronto, Frankfurt/Paris, Stockholm and London.
John C. Williams, president and chief executive officer of the New York Fed said, “I am confident that we will leverage our and the Fed’s expertise and connections to the U.S. technology and financial ecosystems to deepen the central banking community’s understanding of innovation and enhance how central banks can work together to serve the greater public. The leader we are looking for will possess the vision, values and experience to build and lead a diverse team to achieve our common goals.”
“The recruitment of a Director for the New York Innovation Center marks a major step in the collaboration between the Federal Reserve System (New York) and BIS Innovation Hub to further the development of fintech initiatives for the enhancement of the global financial system,” said Agustín Carstens, General Manager of the Bank for International Settlements.
The New York Fed has retained executive search firm Heidrick & Struggles to conduct the search. For additional information on the role, including how to recommend a potential candidate or apply for the position, please contact Heidrick & Struggles directly at drichardson@heidrick.com.
About New York Fed
The New York Fed oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity. The New York Fed has several unique responsibilities as part of the Federal Reserve System, including conducting open market operations to execute monetary policy on behalf of the FOMC, acting as the fiscal agent of the U.S. Treasury, operating Fedwire, and providing banking and clearing services to foreign central banks, governments and international agencies.
