The Federal Reserve announced on Monday that Emily Rafferty, the president of the Metropolitan Museum of Art, will chair the Federal Reserve Bank of New York’s board of directors beginning in January.
Rafferty, who is already on the New York Fed’s board, will replace Lee Bollinger, the president of Columbia University who is nearing the end of his second term, NASDAQ reports.
As president of the Met, Rafferty oversees more than 2,500 staff members in a number of areas, including finance, security, legal affairs, construction and facilities management, human resources, development, communications, membership, technology and information services, government relations, and merchandising.
Rafferty, a New York City native, began at the Met in 1976 and served as an administrator for corporate, foundation and individual fundraising. Beginning in the early 1980s, she worked in the museum’s development division before becoming its senior vice president for external affairs in 1999.
Rafferty earned her bachelor’s degree cum laude from Boston University in 1971 and began her career as an assistant to David Rockefeller, Jr. From 1973 to 1975, she served as the deputy director of education at Boston’s Institute of Contemporary Art.
In addition to Rafferty, the New York Fed’s board will also include Kathryn Wide, who was appointed to the position of deputy chairwoman for a second term. The Fed also appointed Sara Horowitz, the founder and executive director of the Freelancers Union, to her third term on the panel, according to NASDAQ.
The other six board directors in New York and every other regional branch of the Fed are chosen by member banks, which are required to appoint three directors to represent banks and three to represent the American public.
The nine total board directors are responsible for overseeing management of the New York Fed, as well as assisting in the development of national monetary policy and serving as “an important link between the Federal Reserve and the private sector,” NASDAQ reports.