UPDATE 1-NY Fed to hold election for two directors - News

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UPDATE 1-NY Fed to hold election for two directors

By: AFX | 04 Nov 2009 | 03:15 PM ET

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NEW YORK, Nov 4 (Reuters) - The Federal Reserve Bank of New York will hold an election in December for successors to two directors on its board whose terms are expiring: JPMorgan Chase's chief executive Jamie Dimon and Pfizer's chief executive Jeffrey Kindler. Both Dimon and Kindler's terms on the New York Fed's board of directors expire on Dec. 31, the New York Fed said in a circular to banks. Regional Federal Reserve banks' boards of directors offer recommendations on Fed policy, but have no policy-making powers. They also provide anecdotal information about business conditions that help inform the central bank. Kindler was named to the New York Fed's board in October 2009 to finish the remainder of the three-year term left vacant by former Lehman Brother's chief executive Richard Fuld. Fuld resigned in September 2008, just before Lehman's collapse. Dimon was elected to the New York Fed's board of directors in 2006, for a three-year term starting January 2007. Their successors will be chosen by 10 of the New York Fed's member banks with capital and surplus of more than $1 billion. The polls will open at 10 a.m. (1500 GMT) on Dec. 14 and will close at noon on Dec. 29. (Reporting by Kristina Cooke; Editing by James Dalgleish) Keywords: USA FED/DIRECTORS (kristina.cooke@thomsonreuters.com; Tel: +1 646 223 6154; Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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