Christine Cumming, the first vice president and chief operating officer of the Federal Reserve Bank of New York, said Wednesday that she plans to retire next June.

Cumming has spent 35 years at the New York Fed. She is a member of the bank's management committee, as well as an alternate voting member of the Federal Open Market Committee.

Since assuming the role of first vice president in 2004, Cumming helped the bank develop a risk management program, implement the Fedwire modernization program, and establish an office of diversity and inclusion. Additionally, Cumming was the co-leader in developing the Federal Reserve System's current information technology governance model. She also was instrumental in creating the Fed's operational risk program.

"Christine's achievements have had a transformative and enduring impact on the bank and the Federal Reserve more broadly," William Dudley, president and chief executive of the New York Fed, said in a press release. "We will miss her steadfast commitment and leadership."

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