Press Release
Speyer Designated Chair of New York Fed Board, Hughes Designated Deputy Chair
November 17, 2006

NEW YORK – The Board of Governors of the Federal Reserve System designated Jerry I. Speyer chairman of the board of directors of the Federal Reserve Bank of New York for 2007. He was also reappointed a class C director for this period. Mr. Speyer, who is president and chief executive officer of Tishman Speyer, has served as a class C director and deputy chairman since January 2004. He joined the board as a class B director in 2001.

The Board of Governors designated Denis M. Hughes deputy chairman of the New York Fed’s board of directors for 2007. Mr. Hughes, who is president of New York State AFL-CIO, has served as a class C director since January 2006. He joined the board as a class B director in January 2004.

Mr. Speyer formed Tishman Speyer Properties in 1978. From 1966 to 1978, he served as senior vice president and director of Tishman Realty & Construction Co., Inc. Mr. Speyer began his career in 1964 as assistant to the vice president of Madison Square Garden.

Among his many professional and civic associations, Mr. Speyer is vice chairman of the Museum of Modern Art, the Rand Corporation and the New York Presbyterian Hospital, and his board affiliations include YankeeNets and the New York Presbyterian Foundation, Inc. He is also a member of the Council on Foreign Relations. Mr. Speyer has been chairman of the New York City Partnership, Columbia University and the Real Estate Board of New York, and has also served as president of the Board of Trustees of the Dalton School.

He received a B.A. degree from Columbia College and an M.B.A. from the Columbia University Graduate School of Business in 1964.

Mr. Hughes was elected president of the New York State AFL-CIO in March, 1999. Since his election, he has been successful in helping 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 joined the New York State AFL-CIO as a political director and assistant to the president in 1985 and in February 1990 was appointed executive assistant to the president.

Mr. Hughes is a graduate of the Empire State College, Harry Van Arsdale School of Labor Studies with a bachelor of science degree.

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 System 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 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.

Contact: Linda Ricci
(212) 720-6143
(646) 720-6143
linda.ricci@ny.frb.org