March 31 (Reuters) – The Federal Reserve Bank of New York said on Tuesday it has appointed Jane Fraser, chief executive of Citigroup, to the Federal Reserve Board of Governors’ Advisory Council. The appointment is for a one-year term that began in January. The Federal Advisory Council comprises one representative of the banking industry from […]
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NY Fed appoints Citi CEO Jane Fraser to Federal Advisory Council
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March 31 (Reuters) – The Federal Reserve Bank of New York said on Tuesday it has appointed Jane Fraser, chief executive of Citigroup, to the Federal Reserve Board of Governors’ Advisory Council.
The appointment is for a one-year term that began in January.
The Federal Advisory Council comprises one representative of the banking industry from each of the 12 Federal Reserve districts and advises the Board on economic and banking matters.
The group typically meets four times a year in Washington, D.C. Members typically serve three one-year terms.
In 2021, Fraser became the first woman to lead a major U.S. bank.
Separately on Tuesday, Fraser said in a note to clients that the bank’s conviction in the future of the Middle East region had not changed despite the current conflict.
She added that policy decisions are playing a more direct role in shaping trade, technology and capital flows.
“That said, recent weeks have exacerbated a dynamic that has been developing over time. The old-world order, and the assumptions that went along with it, are falling away, unlikely to return,” Fraser said.
“They (clients) are keeping a close eye on how governments around the world, particularly the United States, embrace this resurgence of industrial policy and what it means for them. We are too.”
(Reporting by Prakhar Srivastava and Utkarsh Shetti in Bengaluru; Editing by Sahal Muhammed and Shreya Biswas)