The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
Denis M. Hughes Elected to the New York Fed Board of Directors
January 7, 2004
NEW YORK - Denis M. Hughes, president of New York State AFL-CIO, has been elected to the board of directors of the Federal Reserve Bank of New York. Mr. Hughes has been elected for a three-year term beginning January 1, 2004 as a class B director.
Mr. Hughes joined the New York State AFL-CIO as a political director and assistant to the president in 1985. In February 1990, he was appointed executive assistant to the president and in this capacity, Mr. Hughes was responsible for the coordination of the Committee on Political Education (COPE) and legislative programs, as well as the overall policy and development of the staff departments within the state federation. The New York State AFL-CIO, with over two million members, is the largest state labor federation in the country.
In March 1999, Mr. Hughes was elected president of the New York State AFL-CIO. Since his election, Mr. Hughes has been successful in helping to pass legislation that provides farm workers greater minimum wage benefits, as well as legislation regarding pension benefits for New York’s public sector workers.
Mr. Hughes holds a B.S. degree from the Empire State College, Harry Van Arsdale School of Labor Studies.
The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve Systems as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.