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.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Fuld Elected NY Fed Director, Considine Reelected Director
March 28, 2005
NEW YORK – Richard S. Fuld, Jr., chairman and chief executive officer of Lehman Brothers Holdings Inc., has been named a Class B director of the Federal Reserve Bank of New York.
Jill M. Considine, chairman and chief executive officer of The Depository Trust Company (DTC), has been reelected a Class A director of the New York Fed for a three-year term beginning January 2005. She has been serving as a Class A director since January 2002. Ms. Considine has been chairman and chief executive officer of the DTC since 1999, and before that was president of the New York Clearing House Association from 1993 to 1999. She was the Superintendent of Banks for New York State from 1985 to 1991 and her prior experience includes senior positions at American Express Bank, Bankers Trust Company and Chase Manhattan Bank. Mr. Fuld succeeds Ronay Menschel, chairman of Phipps Houses, as one of three Class B directors for a three-year term beginning March 2005.
Mr. Fuld, 58, has been chairman of the Board of Directors of Lehman Brothers Holdings Inc. since 1994 and chief executive officer of the Company since 1993. He is chairman of Lehman Brothers’ Executive Committee. Mr. Fuld was president and chief operating officer from 1993 to 1994. He was president and co-chief executive officer of the Lehman Brothers Division of Shearson Lehman Brothers Inc. from 1990 to 1993. Mr. Fuld was a vice chairman of Shearson Lehman Brothers from 1984 until 1990. He has been a director of Lehman Brothers Inc. since 1984 and a director of Lehman Brothers Holdings Inc. since 1990. He joined Lehman Brothers in 1969.
Mr. Fuld is a member of the Executive Committee of the Partnership for New York City, Business Roundtable and The Business Council. He is a trustee of the Mount Sinai Medical Center and the Mount Sinai Children’s Center Foundation. In addition, he serves on the Board of Directors of The Ronald McDonald House of New York and the Board of Trustees of Middlebury College.
Mr. Fuld received his B.A. from the University of Colorado and his M.B.A. from the New York University Stern School of Business.
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 & C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.