Hughes Named Chairman of New York Federal Reserve

by James Parks, Aug 24, 2009

Denis Hughes

Denis Hughes, president of the New York State AFL-CIO, was named chairman of the powerful Federal Reserve Bank of New York today. Hughes, who has served as acting chairman of the board of directors since May, was named chairman for the remainder of 2009.

Hughes says his experience on the board has been a “great experience,” which has allowed him to see firsthand how the nation’s economy really works.

Says Hughes:

“My job is to do whatever I can to make sure working families are considered when decisions are made.”

Hughes, a 40-year member of the Electrical Workers (IBEW, has led the New York State federation since 1999.

The New York bank is the operating arm of the Federal Reserve System in New York, northern New Jersey, Fairfield County in Connecticut, Puerto Rico and the Virgin Islands. It is the largest of the 12 Federal Reserve district banks in terms of assets and volume of activity.

The central bank has a seven-member Board of Governors in Washington, which appointed Hughes to the New York post. District bank chairs are designated annually.

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