federal reserve: IBM Chairman Arvind Krishna elected to Board of Directors of Federal Reserve Bank of New York

IBM Chairman and Chief Executive Officer Arvind Krishna has been elected to the Board of Directors of the Federal Reserve Bank of New York.

The Federal Reserve Bank of New York announced on Monday that Krishna has been elected as a Class B director who “represents the public with a particular focus on the interests of agriculture, commerce, industry, services, labor and consumers”. ”

The New York Fed said in a statement that Krishna will fill the vacancy in office for the remainder of his three-year term ending December 31, 2023.

“In his current and prior roles, Mr. Krishna has led the creation and expansion of new markets for IBM in the cloud, artificial intelligence, blockchain and quantum computing. He has also been instrumental in the development of innovative IBM products and solutions. Based on these emerging technologies,” the statement added.

Krishna, who has a bachelor’s degree from the Indian Institute of Technology, Kanpur and a PhD from the University of Illinois at Urbana-Champaign, was previously senior vice president of cloud and cognitive software. He also headed IBM Research and was general manager of the development and manufacturing organization for IBM Systems and Technology Group.

The Federal Reserve Bank of New York works with the Federal Reserve System and other public and private sector institutions to promote the security, soundness, and vitality of the American economic and financial systems. It is one of 12 regional reserve banks that together with the Board of Governors in Washington, DC make up the Federal Reserve System.

The Fed, as the system is commonly called, is an independent government entity created by Congress in 1913 to serve as the central bank of the United States.

The Federal Reserve Act of 1913 requires each reserve bank to operate under the supervision of a board of directors. Each Reserve Bank consists of nine directors who represent the interests of their Reserve Districts and whose experience provides the Reserve Banks with wide-ranging expertise that helps them meet their policy and operational responsibilities, the statement said.

The nine directors of each Reserve Bank are divided equally by classification: three Category A directors representing member banks in the district; It states that the three Class B directors and the Class C directors each represent the interests of the public.

Reserve Bank directors serve as a vital link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.

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 US Virgin Islands. Although it serves a geographically smaller area than other Federal Reserve banks, New York is the largest reserve bank in terms of Fed assets and volume of activity, according to information on the Fed’s website.

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