August 24, 2009

AFL-CIO leader named N.Y. Fed chairman

Labor leader Denis Hughes was named chairman of the New York Federal Reserve Bank's board of directors Monday, Fed officials said.

The Federal Reserve System's board of governors announced in a release Hughes would serve in the position for the remainder of 2009. Hughes is president of the New York State AFL-CIO and has served as a Class C director since January 2006, bank officials said, adding he has served as deputy chairman since January 2007 and as acting chairman since May. He joined the board as a Class B director in 2004.

The Fed's board of governors also designated Lee Bollinger, president of Columbia University, deputy chairman of the New York Fed's board of directors for the remainder of this year. Bollinger was also reappointed as a Class C director for a three-year term that begins Jan. 1.

Officials said the New York Fed's board of directors consists of nine members, three of whom are appointed by the board of governors of the Federal Reserve System as Class C directors, with the remaining six (three Class A and three Class B directors) elected by member banks in the Second Federal Reserve District.