John C. Williams has been reappointed as president of the Federal Reserve Bank of New York, and Sushmita Shukla will continue as first vice president. The decision was made unanimously by eligible members of the New York Fed’s board of directors, with final approval from the Board of Governors of the Federal Reserve System. Both Williams and Shukla will begin new five-year terms starting March 1, 2026.
The process excluded Class A directors from banks and certain Class B directors due to rules prohibiting their participation in selecting Reserve Bank presidents and first vice presidents. The group responsible for the reappointment included Adena Friedman, Arvind Krishna, Scott Rechler, deputy chair Dr. Rajiv Shah, chair Pat Wang, and Patricia White.
These eligible directors held several meetings to evaluate Williams’s and Shukla’s performance. Their review involved interviews with staff from the New York Fed, others within the Federal Reserve System, and external stakeholders.
Pat Wang stated: “The Directors believe John and Sushmita are outstanding individuals of the highest integrity and talent who have performed extraordinarily well in their responsibilities at the Federal Reserve Bank of New York. They are also making critically important contributions to the mission and goals of the System overall. Their commitment to understanding economic conditions across the New York Fed’s district while also driving significant efforts on behalf of the System is exemplary. The Second District is fortunate to have their leadership.”
Details about how Reserve Bank presidents are reappointed can be found at http://www.federalreserve.gov/faqs/what-is-the-process-for-reappointing-reserve-bank-presidents.htm, while information about the New York Fed’s Board of Directors is available at https://www.newyorkfed.org/aboutthefed/org_nydirectors.html.
