JPMorgan CEO named to New York Fed board
JPMorgan Chase & Co. Chief Executive Jamie Dimon will replace his former mentor, retired Citigroup Inc. Chairman Sanford Weill, as a member of the New York Federal Reserve Bank’s board of directors.
Dimon, 50 was elected for a three-year term beginning in January, the New York Fed said Monday.
Columbia University President Lee Bollinger also was appointed to the board, while PepsiCo Inc. Chief Executive Indra Nooyi was reelected by member banks.
The Fed’s New York district bank, the system’s largest, is the central bank’s chief liaison with Wall Street and is responsible for buying and selling Treasury securities to guide interest rates in accordance with the central bank’s policy target.
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