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IBM CEO Arvind Krishna elected to board of directors of New York fed

By Priyanka Verma 
Updated Date

New York: IBM Chairman and Chief Executive Officer Arvind Krishna has been elected to the Board of Directors of the Federal Reserve Bank of New York.

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Federal Reserve Bank of New York said that he has been elected as a Class B director and will represent public “with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labour and consumers”.

The New York Fed said in a statement that Arvind Krishna will fill the vacancy in the office for the remaining portion of a three-year term ending December 31, 2023.

“In his current and former roles, Krishna has led the building and expansion of new markets for IBM in cloud, artificial intelligence, blockchain, and quantum computing. He has also played a significant role in the development of innovative IBM products and solutions based on these emerging technologies,” the statement added.

The Federal Reserve Bank of New York works within the Federal Reserve System and with other public and private sector institutions to foster the safety, soundness and vitality of US economic and financial systems. It is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, DC, make up the Federal Reserve System.

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The Fed, as the system is commonly called, is an independent governmental entity created by US Congress in 1913 to serve as the central bank of the United States.

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 fulfil their policy and operational responsibilities, the statement said.

The nine directors of each Reserve Bank are divided evenly by classification: three Class A directors represent the member banks in the district; three Class B directors and Class C directors each represent the interests of the public, it said.

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, it added.

The New York Fed oversees the Second Federal Reserve District, which includes New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the US Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity, according to information on the Fed’s website.

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The 60-year-old business leader is the Chairman and Chief Executive Officer of IBM (International Business Machines Corporation). Krishna has led the building and expansion of new markets for IBM in artificial intelligence, cloud, quantum computing and blockchain as a technologist.

In 2016, Wired Magazine described Krishna as “one of 25 geniuses who are creating the future of business” for his work on blockchain.

Prior to his stint as the IBM CEO, Krishna was the senior vice president of Cloud and Cognitive Software. He also headed IBM Research and was the general manager of IBM Systems and Technology Group’s development and manufacturing organisation. He was also the general manager of IBM Systems and Technology Group’s development and manufacturing organisation.

Arvind Krishna has an undergraduate degree from the Indian Institute of Technology Kanpur (IITK) and a PhD from the University of Illinois at Urbana-Champaign. He is also the recipient of the distinguished alumni award from both the institutions.

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