(Reuters) — The New York Federal Reserve has tapped an insurance industry executive as second-in-command to President John Williams, a role that has seen recent turnover at the most important of the Fed system’s 12 regional banks.
Sushmita Shukla, currently senior vice president and chief operations officer for international accident and health at insurer Chubb Ltd., will become the New York Fed’s first vice president and chief operating officer in March, the bank said Thursday.
The New York Fed, which had about 3,000 employees in 2021, is responsible for interacting directly with financial markets and implementing monetary policy, and Williams is the only regional bank president who is a permanent voter on the Federal Open Market Committee, the central bank̵7;s rate-setting body. Shukla will serve as deputy to Mr. Williams as needed at the FOMC.
Shukla comes to the bank amid some change in its top leadership over the past few years. The last person to hold the role of COO was Naureen Hassan, who left the bank in September after starting in March 2021. Prior to that, the role was held by Michael Strine, who retired from the bank in early 2021 after taking up the role in July 2015.
Another key role the Fed is now trying to fill permanently is that of System Open Market account manager, which was vacated by Lorie Logan when she was hired in May as president of the Dallas Fed.