NY Labor Union Head To Chair New York Fed

The Federal Reserve Bank of New York announced this week that Denis M. Hughes has been designated chairman of the New York Fed's board of directors by the Board of Governors of the Federal Reserve System for the remainder of 2009.

Mr. Hughes is president of the New York State AFL-CIO and has served as a Class C director since January 2006.

He has served as deputy chairman since January 2007 and as acting chairman since May.

He joined the board as a Class B director in January 2004.

The Board of Governors of the Federal Reserve System has also designated Lee C. Bollinger, president of Columbia University, deputy chairman of the New York Fed's board of directors for the remainder of 2009.

Mr. Bollinger was also reappointed as a Class C director for a three-year term that begins January 1, 2010.

Mr. Bollinger has served as a Class C director since January 2007.

The New York Fed's board of directors 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 and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.