New York Fed's No. 2, Michael Strine, to Leave Early Next Year
September 17 2020 - 5:09PM
Dow Jones News
By Michael S. Derby
The Federal Reserve Bank of New York said its second-in-command,
Michael Strine, will retire early next year, capping a period of
change in the bank's leadership.
Mr. Strine, 54 years old, is the New York Fed's chief operating
officer and first vice president and serves as an alternate member
of the interest-rate-setting Federal Open Market Committee. The
bank said he would step down Feb. 28, at the end of his five-year
term. The bank also said he would stop day-to-day work at the bank
in early November to facilitate a smooth transition, which is
customary for departing top-level central bank officials.
Mr. Strine has been first vice president since 2015, predating
New York Fed President John Williams's arrival at the bank in June
2018.
While the bank searches for a replacement, Helen Mucciolo, head
of the New York Fed's corporate group and an executive vice
president, will act in Mr. Strine's place.
Mr. Strine oversaw operational issues at the New York Fed, which
is the central bank's main point of contact with financial markets
and a custodian of major gold holdings. Mr. Williams said Mr.
Strine "has significantly strengthened the bank's operational
capabilities, strategic planning, resourcing, prioritization and
evaluation processes and made the institution more resilient to a
range of challenges, including in the cyber realm."
Mr. Strine couldn't be immediately reached to comment on his
retirement.
The official's exit comes as all 12 regional Fed bank presidents
are set to undergo renomination to five-year terms that would start
early next year. Bank presidents and their second-in-commands are
evaluated by their bank's respective board of directors, with the
involvement of the Federal Reserve Board of Governors in
Washington. No regional Fed bank presidents have been officially
turned down for new terms in modern memory.
Mr. Strine, who has worked in a number of positions at the New
York Fed since 2013, is leaving after several other high-profile
exits at the bank. In June 2019, Simon Potter, leader of the bank's
markets group, and Richard Dzina, who helmed the financial services
group, both left without successors being ready.
Mr. Potter's role overseeing the implementation of monetary
policy was ultimately reorganized, with Lori Logan, a New York Fed
veteran, taking over management of the central bank's holdings of
securities, and Daleep Singh, a former Treasury official, joining
the Fed to lead the markets group. Both were named to those jobs in
December 2019.
Write to Michael S. Derby at michael.derby@wsj.com
(END) Dow Jones Newswires
September 17, 2020 16:54 ET (20:54 GMT)
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