NEW YORK - The board of directors of
the Federal Reserve Bank of New York has named Christine M.
Cumming as first vice president of the Federal Reserve Bank
of New York, effective immediately. The appointment was approved
by the Board of Governors of the Federal Reserve System in
Ms. Cumming, 51, is a twenty-four year veteran of the bank,
and has served for the past four years as executive vice president
and director of research, and as a member of the bank’s
Ms. Cumming is the bank’s ninth first vice president,
following Jamie B. Stewart, Jr. who resigned on January 30.
The first vice president is the second ranking officer in
the bank, and serves as its chief operating officer, as well
as an alternate voting member of the Federal Open Market Committee.
John Sexton, chairman of the board of the Federal Reserve
Bank of New York said, “The directors of the New York
Fed have long recognized and appreciated the strong leadership
skills that Chris Cumming has shown throughout her career.
We look forward to working closely with her in her new position.”
New York Fed President Timothy F. Geithner said, “The
breadth of Chris’s intellectual contribution to the
bank is impressive. She provides substantive analysis and
fine judgment based on her wide range of experience, which
will provide great value to me and the bank.”
As director of research, Ms. Cumming was responsible for the
Research and Market Analysis Group, which provides analysis
relating to the bank’s responsibilities for monetary
policy, banking supervision, payments systems, and financial
market issues. Ms. Cumming joined the bank in the International
Research Department, and focused on international economics
and capital markets while a research economist. Subsequently,
she joined the Bank Supervision Group, where over time she
was responsible for both bank examinations and policy analysis
areas, with a special emphasis on risk management and capital
markets issues. Ms. Cumming also was active in the work of
the Basle Committee, including co-chairing its Risk Management
Group from 1997 to 1999.
Ms. Cumming holds both a B.S. and a Ph.D. in Economics from
the University of Minnesota. She is a resident of Brooklyn,
Cumming - Bio ››