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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 Washington.
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 management committee.
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, New York.