Nooyi on NY Fed Reserve board

Eminent Indian-American, Indra Nooyi, has been elected to the prestigious Board of Directors of the Federal Reserve Bank of New York.

Eminent Indian-American, Indra Nooyi, has been elected to the prestigious Board of Directors of the Federal Reserve Bank of New York.

President and CEO of PepsicCo, Nooyi is perhaps the first Indian-American to have got this distinction of being elected to the Board of Directors of the Federal Reserve Bank of New York, which implements monetary policy supervises and regulates financial institutions and helps maintain the US’s payment system. It has the world’s largest accumulation of gold at its main office in New York.

Nooyi was elected to the Board of Directors on March 17 for the unexpired portion of a three-year term ending December 31. She succeeds Denis M. Hughes, president of New York State AFL-CIO as a Class B Director. ‘‘Her term becomes effective immediately,’’ said Linda Ricci, the bank spokeswoman. Nooyi was not available for comment as she was travelling, her office said.

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The bank’s board of directors consists of nine members, three of whom are appointed by the Board of Governors of Federal Reserve System as Class C directors. Of the remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District.

While Class A directors are drawn from among the banking community, Class B and C directors are individuals chosen from professions outside the banking community.

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