The Federal Reserve Bank of New York said Wednesday that it is restructuring the leadership of its markets group "to best meet its critical responsibilities."
The previous position of executive vice President and head of the markets group will be split into two roles — executive vice president and head of the markets group and executive vice president and manager of the System Open Market Account.
The New York Fed has picked the firm Spencer Stuart to conduct a nationwide search to identify wide pool candidates, including those from within the New York Fed and the Federal Reserve System.
Spencer Stuart is also conducting a search for a new executive vice president and head of the financial services group.
The markets group head will be responsible for the group’s entire portfolio of products and services, with a focus on operational effectiveness, policy, human capital, and technology. As a member of the executive committee, the head will also play a key role in developing and implementing the strategic direction and priorities.
The SOMA manager will be responsible for a critical element of that portfolio, implementing monetary policy in accordance with the directives of the Federal Open Market Committee.
The Fed is looking for the manager to have a deep knowledge of capital markets, market operations and related policy. The manager is responsible for providing expert analysis and advice to the FOMC and is appointed annually by the FOMC, subject to approval of the New York Fed.
“In both instances, the New York Fed will seek leaders who are visionary and collaborative and who will inspire, support and develop outstanding teams,” the Fed said, adding the bank was looking for a diverse and highly qualified pool of candidates.
Consumer credit gained in June
Consumer credit increased by $14.6 billion in June, the Federal Reserve reported Wednesday.
Economists surveyed by IFR Markets had expected consumer credit to have risen by $16.0 billion in June.
In May, consumer credit rose a revised $17.8 billion from the originally reported gain of $17.1 billion.
Revolving credit fell $80.5 million from a revised $7.5 billion gain, originally reported at $7.2 billion increase.
Non-revolving credit rose $14.7 billion from a revised $10.3 billion gain, originally reported at a $9.9 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
