Presidential Search Frequently Asked Questions 1. What is the role

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PresidentialSearchFrequentlyAskedQuestions

1. WhatistheroleofaFederalReserveBankpresident?

ThepresidentofaFederalReserveBankisthechiefexecutiveofficeroftheBank.Thepresident

isresponsibleforalloftheReserveBank’sactivities,includingmonetarypolicy,banksupervision

andregulation,andpayme

ntsservices.Inaddi

tion,thepresidentservesontheFederal

Reserve’schiefmonetarypolicymakingbody,theFederalOpenMarketCommittee(FOMC).

2. HowisaFederalReserveBankpresidentselected?

TheprocessforselectingaFederalReserveBankpresidentissetforthintheFed eralReserve

Act.SubjecttotheapprovaloftheFederalReserveBoardofGovernors,thepresidentis

appointedbytheReserveBank’sClassBandCdirectors(thosedirectorswhoarenotaffiliated

withasupervisedentity).

Toconductthesearch,theReserveBank’sboardofdirectorsformsasearchcommittee

composedofClassBandCdirectors.Thatcommitteehiresasearchfirmtohelpidentifya

broad,diverse,highlyqualifiedcandidatepool.

Thecommitteeconsidersalargenationwide

poolofcandidates,bothwithinandoutsidetheFederalReserveSystem,whomeetthe

position’squalifications.

TheBank’sClassBandCdirectorsthenformallyappointacandidate,subjecttotheapprovalof

theBoardofGovernors.

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3. Whatistheide

alexperiencethesearchcommitteeislookingforinanewFederalReserveBank

president?

Asdescribedinthepositiondescription,thesearchcommitteeseekscandidateswhohave:

 Strategicandintegrativethoughtprocesswiththeabilitytomakecritical,difficultand

timelydecisions,executeandfollowthroughtocompletion

 Demonstratedexecutiveleadershipofahighlysophisticatedandcomplexorganization,

includingatrackrecordofpeoplemanagementofasizableanddiversestaff,anda

commitmenttobestpracticesinlong‐rangeplanning,teambuilding,organizational

effectiveness,andenterprise‐widemanagement

 Comprehensiveworkingexperienceinmarkets,credit,bankingand/orfinancialservices,

ideallywithanunderstandingofthe“plumbing”ofthebankingsystem,the

internationalroleoftheNewYorkFed,theneweconomyandlabormarkets

 FamiliaritywiththeFederalReserveSystemand/orpriorpublicpolicyexperiencein

orderto,amongotherroles,functioneffectivelyastheViceChairoftheFederalOpen

MarketsCommittee(“FOMC”)

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 Historyofactivecommunityparticipationandcivicleadership,andanunderstandingof

andcommitmenttothecommunityengagementr esponsibilitiesrequiredforthe

position

 Provenabilitytointeractwith,engageandcommunicateeffectivelyacrossmultiple

constituencies,andtocommunicateclearlytheFederalReserve’spolicystanceto

marketparticipantsglobally

 AbilitytoobtainandmaintainaTopSecret‐levelsecurityclearance

 Advanceddegreeinbusiness,economicsorfinancepreferred

4. WhatisthetermlengthofaFederalReserveBankpresident?

ThepresidentofaFederalReserveBankisappointedforatermoffiveyears.Thetermsofall12

ReserveBankpresidentsrunconcurrently,endingonthelastdayofFebruaryofyearsnumbered

6and1(forex

ample,2016and2021).Theappointmentofapresidentwhotakesofficeaftera

termhasbegunendsuponthecomplet ionofthatterm.ApresidentofaReserveBankmaybe

reappointedafterservingafulltermoranincompleteterm.ReserveBankpr

esidentsaresubject

tomanda

toryretirementat65yearsofage.However,presidentsinitiallyappointedafterage55

can,attheoptionoftheReserveBank’sboardofdirectors,bepermittedtoserveuntilattaining

10yearsofserviceintheofficeorage75,whichevercomesfirst.

5. Whatisthetimelinefors

lectingaFederalReserveBankpresident?

Thereisnopredeterminedtimeline.Whatismostimportantisthatthesearchcommittee

identifiesadeeppoolofcandidateswithdiverseexperiencesandbackgroundstolandonthe

rightperson.

6. Whatprocesswillthesearchcommitteefollowinselectingthene

xtpresident?

Thesearchprocessisexpectedtotakesixtonine months,duringwhichtimethesearch

committeewill:

 solicitinputregardingthekeyattributesthatareimportantintheidealpresidential

candidatefromstakeholdersacrosstheNewYorkFed’sdistrictandbeyond;

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 stakeholderswillincluderepresentativesfromacademia,communityand

economicdevelopmentorganizations,not‐for‐profits,industry,small

businesses,minorityandwomen‐ownedbusinesses,manufacturingandlabor

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 membersofthesearchcommitteewillalsomeetwithseveraloftheNewYork

Fed’sadvisorygroups,includingthoserepresentingregionalinterests,

communitiesandsmallbusinesses



 identifyadiverseslateofpotentialcandidates;

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 interviewarangeofcandidatesreflectingthediversityofthequalifiedcandidatepool;

and,

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 recommendtothefullBoard(excludingtheClassAdirectors)oneormorecandidates

forconsiderationforappointmentaspresidentand CEO, subjecttoapprovalbythe

BoardofGovernorsoftheFederalReserveSystem.

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7. WhatroledoClassAdirectorsofaReserveBank’sboardofdirectorshaveselectinginthenext

presid

t?

ClassAdirectorsareexpresslyexcludedfromtheappointmentofReserveBankpresidentsdue

toconcernsaboutpotentialconflictsofinterestthat couldarisefrombankersparticipatingin

theselectionoftheleadershipoftheirfederalbanksupervisor.Additionalinformationis

availablefromtheFederalReserveBoardofGovern

orswebsite.

However,ClassAdirectorsmayprovideinputtomembersofthesearchcommitteeinthesame

mannerasthatofthegeneralpublic.Membersofthepublicareabletosubmitpotential

candidatesdirectly tothesearchfirmsforpropervettingat[email protected].

Generalfeedbackisalsowelcomeat[email protected].

8. Whatfinancialrestrictionswouldapotentialcandidatebesubjectto?

Thesearchcommitteeshouldensurethatpotentialcandidatesareinformed,priortobeing

interviewed,ofrestrictionsconcerningfinancialholdings,compensation,outsideactivities,and

othermattersthatmayinf luencetheirinterestintheposition.

TheNewYorkFedexpectsitsemployeestoperformtheirdutie

swithhonesty,integrityand

impartiality,andwithoutimproperpreferentialtreatmentofanyperson.TheNewYorkFed’s

CodeofConductoutlinesitsprinciplesandstandardsforemployeeconduct,includingrulesfor

avoidingactualandapparentconflictsofinterest.NewYorkFedemployeesarealsosubjectto

thesameconflictofintereststatutethatappliestofederalgovernmentemployees(18U.S.C.

Section208).Additionalinformationisa vailableontheEthicsandConflictsofInterestsectionof

thewebsite.

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