NEW YORK—The Federal Reserve Bank of New York announced that Glenn H. Hutchins has been reelected a Class B director representing Group 1, which consists of banks with capital and surplus of more than $2 billion. He will serve a three-year term ending December 31, 2021.
Glenn Hutchins is Chairman of North Island and a co-founder of Silver Lake. He is a director of AT&T and of Virtu Financial; he is also Co-Chairman of the Brookings Institution, Vice Chairman of the Economic Club of New York, on the Executive Committee of the New York Presbyterian Hospital and a board member of both the Obama Foundation and the Federal Reserve Bank of New York. He is part owner and member of the Executive Committee of the Boston Celtics basketball team. Mr. Hutchins is a co-chairman of Harvard University’s capital campaign. He is also a board member of the Center for American Progress as well as a Fellow of the American Academy of Arts and Sciences. Previously, Mr. Hutchins served President Clinton in both the transition and the White House as a special advisor on economic and health-care policy. He was also previously chairman of the board of SunGard Data Systems, Inc. and Instinet, Inc. and a director of Nasdaq, Inc.
Mr. Hutchins and his wife, Debbie, founded the Hutchins Family Foundation which, among other projects, has created the Hutchins Center for African & African American Research at Harvard University, which is chaired by Mr. Hutchins; the Hutchins Center on Fiscal and Monetary Policy at The Brookings Institution and the Chronic Fatigue Initiative, which conducts basic research into the cause of chronic fatigue syndrome.
He is part owner and member of the Executive Committee of the Boston Celtics basketball team.
Mr. Hutchins holds a bachelor’s degree from Harvard College, an MBA from Harvard Business School and juris doctor degree from Harvard Law School.
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.