WASHINGTON Citigroup chairman and chief executive officer Sanford I. Weill was elected to the board of directors of the Federal Reserve Bank of New York on Wednesday, the banking company announced.
Mr. Weill assumes the seat formerly held by retired Chase Manhattan chairman Walter V. Shipley, and will serve a three-year term beginning this month. Mr. Weill will become one of the banks class A directors, who are elected by the member institutions in the Second Federal Reserve District.
The banks board members indirectly influence monetary policy by setting the Districts discount rate and by appointing the banks president, who sits on the Federal Open Market Committee. They also approve the banks budget, oversee its operations, and appoint its officers.