PERSON AND PLACES
IBM Chairman and Chief Executive Officer Arvind Krishna have been elected to the Board of Directors of theFederal Reserve Bank of New York. He will fill the vacancy in the office for the remaining portion of a three-year term ending December 31, 2023.
The Federal Reserve Bank of New York works within the Federal Reserve System and with other public and private sector institutions to foster the safety, soundness and vitality of US economic and financial systems. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make the Federal Reserve System.
The Federal Reserve System is an independent governmental entity created by Congress in 1913 to serve as the central bank of the United States. 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.