Pat Wang has been redesignated as chair of the Board of Directors for the Federal Reserve Bank of New York, according to an announcement from the bank. Wang is currently president and chief executive officer of Healthfirst. She first joined the New York Fed’s Board as a Class C director in January 2023, served as deputy chair beginning in January 2024, and has held the position of chair since January 2025.
Dr. Rajiv Shah, president of The Rockefeller Foundation, was also redesignated as deputy chair of the board. Dr. Shah became a Class C director at the New York Fed in January 2024 and has served as deputy chair since January 2025.
The Federal Reserve Act of 1913 requires each Reserve Bank to have a board of directors overseeing its operations. Each board consists of nine directors who represent their respective Reserve Districts. These directors are divided into three classes: Class A directors represent member banks; Class B and Class C directors represent public interests. According to the Federal Reserve Bank of New York, “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.”
For further information, contact Ellen Simon at (347) 978-3036 or Ellen.Simon@ny.frb.org.
