January 6, 2024
2 mins read

New York Fed Welcomes Indian-American Ex-USAID Head

The Board of Governors of the Federal Reserve System appointed Shah as a Class C director for a three-year term ending December 31, 2026….reports Asian Lite News

Dr Rajiv Shah, the Indian-American president of Rockefeller Foundation, has been named to the Board of Directors of the Federal Reserve Bank of New York.

The Board of Governors of the Federal Reserve System appointed Shah as a Class C director for a three-year term ending December 31, 2026.

Class C directors on the New York Fed’s Board of Directors represent the interests of the public, the Federal Reserve Bank of New York said in a statement released on Friday.

Shah has led The Rockefeller Foundation, a philanthropy whose mission is to promote the well-being of people around the world, since 2017.

Prior to joining the foundation, he was founder and managing partner of Latitude Capital, a private equity firm focused on infrastructure and energy projects in Africa and Asia.

From 2009 to 2015, he served as head of the US Agency for International Development (USAID).

In that role, he served on the National Security Council, led the US responses to the 2010 earthquake in Haiti and the 2014 West African Ebola pandemic, and secured bipartisan support for the passage of the Global Food Security Act and the Electrify Africa Act.

Before joining USAID, Shah served as chief scientist and undersecretary for research, education, and economics at the US Department of Agriculture, where he created the National Institute for Food and Agriculture.

Earlier in his career, he was a director at the Bill & Melinda Gates Foundation, where he created the International Financing Facility for Immunisation.

Shah is a graduate of the University of Michigan, the University of Pennsylvania School of Medicine, and the Wharton School of Business.

He served as a distinguished fellow in residence at Georgetown University and has received the Secretary of State’s Distinguished Service Award and the US Global Leadership Award.

Each of the Reserve Banks operate under the supervision of a board of directors, as laid down by the Federal Reserve Act of 1913.

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.

ALSO READ: Indian Americans bid farewell to Consul General Randhir Jaiswal

Previous Story

Debt Crisis Deepens in Pakistan

Next Story

Concerns Rise as 3 Hindu Temples Attacked in California

Latest from -Top News

India Marks Ayurveda Day in Ghana

The conference brought together academicians, officials from the Ghana Ministry of Health, Ayurveda doctors, herbalists, and other key stakeholders…reports Asian Lite news To mark the 10th Ayurveda Day, the Indian High Commission

US Urges India to Rethink Russian Oil Imports

Wright emphasised the priority of ending the conflict while strengthening US-India ties…reports Asian Lite News United States Energy Secretary Chris Wright urged India to reassess its oil imports from Russia, stressing that

Trump, Shehbaz Set for Oval Office Talks

Sharif will arrive in Washington after attending the 80th United Nations General Assembly in New York….reports Asian Lite News US President Donald Trump will hold high-stakes bilateral meetings on Thursday, including a

Farooq Abdullah Urges Dialogue After Ladakh Unrest

Dr Farooq Abdullah warned the Central government that neglecting their long-standing demands could deepen unrest in the sensitive Himalayan region….reports Asian Lite News Former Jammu and Kashmir Chief Minister and National Conference
Go toTop

Don't Miss

New Delhi approves India-Bangladesh pact on water withdrawal

A Joint Monitoring Team shall be set up by both

Rupee’s Global March: 1947 to Present

Banks from 22 countries have opened special Rupee vostro accounts