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 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.
The Board of Governors also announced that Dr. Rajiv Shah, president of The Rockefeller Foundation, will continue as deputy chair. Dr. Shah became a Class C director on the board in January 2024 and has served as deputy chair since January 2025.
According to the Federal Reserve Act of 1913, each Reserve Bank operates under a board consisting of nine directors who represent their district’s interests and provide expertise to help fulfill policy and operational responsibilities. The board is structured with three classes: Class A directors represent member banks; Classes B and C represent public interests. These directors serve as a connection between the Federal Reserve and private sector organizations, helping ensure that monetary policy decisions reflect real economic conditions.
“Ellen Simon
(347) 978-3036
Ellen.Simon@ny.frb.org”
