Press Release
Emily K. Rafferty To Join New York Fed Board of Directors, Richard L. Carrión, James Tisch Reelected
December 29, 2010
NEW YORK—Emily K. Rafferty, president of The Metropolitan Museum of Art, has been appointed a Class C director of the Federal Reserve Bank of New York starting in January for the unexpired portion of a three-year term ending December 2011.  Richard L. Carrión, chairman, president and chief executive officer of Banco Popular de Puerto Rico, has been reelected a Class A director and James S. Tisch, president and chief executive officer of Loews Corporation, has been reelected a Class B director, both for three-year terms starting in January.

Ms. Rafferty will serve the remainder of Denis M. Hughes’ term on the New York Fed’s board of directors (Board). Mr. Hughes, a Class C director, is stepping down as required under Federal Reserve policy, which restricts the length of time Class C directors can serve on Reserve Bank boards.  Mr. Hughes, president of the New York State AFL-CIO, has served as chairman of the New York Fed’s Board since August 2009.  As announced in July, Lee C. Bollinger, president of Columbia University, will become chairman of the Board in January.

Ms. Rafferty, a New York native, became president of The Metropolitan Museum of Art in 2005, the first woman elected to the post.  Ms. Rafferty is a 34-year veteran of the museum, where she rose through the ranks in the areas of development and external affairs.  She began her career at the museum in 1976 as an administrator for corporate, foundation and individual fundraising, and then served as manager of development from 1981 through 1984.  From 1984 to 1996, she was vice president for development and membership and was promoted in 1996 to senior vice president.  In 1999 she was senior vice president for external affairs.

Ms. Rafferty is actively affiliated with a number of arts and civic organizations, including the Steering Committee of the Association for a Better New York, the Women’s Forum, Media NYC 2020, ArtTable, the Association of Fundraising Professionals and Women in Financial Development.  She chairs NYC & Company, the city’s tourism and marketing organization, and is a member of the board of directors of the National September 11 Memorial & Museum.

Ms. Rafferty received her bachelor’s degree from Boston University.  She received a Doctor of Humane Letters from The College of New Rochelle and an honorary Doctor of Laws degree from Fairfield University.

Mr. Carrión is chairman, president and chief executive officer of Banco Popular de Puerto Rico and of Popular, Inc., Banco Popular’s holding company.  He joined Banco Popular in 1976.

Mr. Carrión is president of Banco Popular Foundation and a member of the board of Verizon Communications.  Mr. Carrión has been a member of the International Olympic Committee (IOC) since 1990 and currently chairs the Finance Commission and was elected to the IOC Executive Board in 2004.  Mr. Carrión has served as a Class A director of the New York Fed’s Board since January 2008 and previously served as a Class A director for the year 1999.

Mr. Carrión received his bachelor’s degree from the Wharton School of Finance and Commerce and a master’s degree from the Massachusetts Institute of Technology.

Mr. Tisch, a New York native, has been with Loews since 1977.  He has a long history of leadership in the areas of education, community service, and health care in the New York region.

Mr. Tisch is chairman of the board of directors of Diamond Offshore Drilling, Inc, and a member of the board of directors of the CNA Financial Corporation, subsidiaries of the Loews Corporation.  He also serves as a director on the board of the General Electric Company and chairman of the board of WNET.ORG, parent of WNET Channel 13 and WLIW Channel 21.  Mr. Tisch is also a member of the board of directors of The New York Public Library.  He is a member of the Council on Foreign Relations, and a trustee of the Mount Sinai Medical Center.  Mr. Tisch also serves on the Executive Committee of the Partnership for New York City and is a board member and past president of Federation Employment and Guidance Service.  He has served as a Class B director on the New York Fed’s Board since September 2009.

Mr. Tisch received his bachelor’s degree in economics from Cornell University and an MBA from the Wharton Graduate School of the University of Pennsylvania.

Jeffrey B. Kindler, who has served on the New York Fed’s Board as a Class B director since October 2009, has tendered his resignation and will be stepping down from the Board by the end of the year.  Mr. Kindler said he was stepping down due to his recent resignation as chairman and chief executive officer of Pfizer.  His resignation letter is attached.

"Denis and Jeff provided great insight and perspective as valued Board members and public servants, said William Dudley, president and chief executive officer of the Federal Reserve Bank of New York.  "As chairman, Denis offered tremendous leadership in guiding the Board during a critical time for the Bank and the economy more broadly."

About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors, who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.

Jeffrey B. Kindler resignation letter pdf

Contact:
Jeffrey Smith
(212) 720-6139
(646) 720-6139
Jeffrey.Smith@ny.frb.org