The President of the Federal Reserve Bank of New York is nominated by the Board of Directors of the New Yew York Fed and then approved by Board of Governors of the Federal Reserve System.
According to the Federal Reserve Act, the president of the Federal Reserve Banks is the Chief Executive Officer.
Here are the rules pertaining to this position:
- the term that ends the last day in February in years ending in 1 or 6
- must retire when they reach the age of 65 unless the Board of Governors approves one who was nominated past age 55 to stay on a full 10 year, until 70 or whichever comes first.
- is a permanent member of the Federal Open Market Committee, which is responsible for open market operations.
- both the President and Vice-President of the New York Fed report directly to the Board of Directors of the New York Fed
The title of New York Fed Governor was changing in the Banking Act of 1935 to President.