Washington, Nov 14 (IANS) Indian American technology executive Arvind Krishna has been re-elected to the board of directors of the Federal Reserve Bank of New York, securing a new three-year term that will run through December 2029.
Krishna, chairman, President and Chief Executive Officer of IBM, will continue as a Class B director, a position intended to represent the public, the New York Fed announced on Friday (local time).
He was elected by member banks in the Reserve Bank’s Group 3, a category of smaller banks in the Second Federal Reserve District. His new term will end on December 31, 2029.
Krishna has served on the New York Fed board since 2022, when he was elected to complete an unexpired term. He was re-elected in 2023 for a term ending this year.
The latest election keeps the IIT Kanpur graduate on a board that provides the regional Reserve Bank with perspectives from outside the central bank, including from business and other sectors of the economy.
Class B directors represent the public, with consideration for interests including agriculture, commerce, industry, services, labour and consumers, the New York Fed said.
The New York Fed’s board is separate from the Federal Reserve Board of Governors in Washington. A position on the regional bank’s board does not make Krishna a member of the Federal Open Market Committee, which sets US monetary policy.
Krishna became IBM’s chief executive in April 2020. During a career at the company spanning more than three decades, he has held senior roles in research, cloud computing and software.
Before becoming chief executive, he was senior vice president for cloud and cognitive software, where he led the development of IBM’s hybrid cloud business. He also headed IBM Research, overseeing work in areas including artificial intelligence, quantum computing and cloud services, according to the New York Fed.
Krishna holds an undergraduate degree from the Indian Institute of Technology, Kanpur, and a doctorate from the University of Illinois Urbana-Champaign. He also serves on the boards of Northrop Grumman and the US-India Strategic Partnership Forum, the bank said.
Each of the 12 regional Federal Reserve Banks has a nine-member board. The directors are divided into three classes: Class A represents member banks, while Class B and Class C represent the public.
The regional bank boards provide perspectives on conditions in their districts. The New York Fed president, separately from its board of directors, is a permanent voting member of the Federal Open Market Committee.
–IANS
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