Pat Wang appointed as a Class C Director to New York Fed Board of Directors
NEW YORK, NY (January 10, 2023) — The Federal Reserve Bank of New York today announced that the Board of Governors of the Federal Reserve System has appointed Pat Wang, president and chief executive officer of Healthfirst, as a Class C director for a three-year term, ending December 31, 2025. Class C directors on the New York Fed’s Board of Directors represent the interests of the public.
Ms. Wang joined Healthfirst, one of the country’s largest not-for-profit health insurers, in 2008 as its president and CEO. Prior to joining Healthfirst, she worked at the Greater New York Hospital Association for 17 years, where she served as senior vice president for finance and managed care and helped create Healthfirst with a consortium of area hospitals. Healthfirst now has 1.8 million Medicaid and Medicare Advantage members in New York City; Long Island; and Westchester, Sullivan, Orange, and Rockland counties. Earlier in her career, Ms. Wang practiced health law and clerked for the Honorable Whitman Knapp in the U.S. District Court for the Southern District of New York. She is a graduate of Princeton University and New York University School of Law, where she received her J.D. degree, cum laude.
In 2022, Ms. Wang was a member of the New York Fed’s Community Advisory Group, which is comprised of leaders of nonprofits, community organizations, foundations, and anchor institutions. The primary goal of the Community Advisory Group is to provide the New York Fed, including President John C. Williams, with a real-time view of the economic issues faced by a diverse set of communities across the Second District.
About 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.