–Stepping Down From Post On June 29, 2012
NEW YORK (MNI) – The following is the text of a statement by the
New York Federal Reserve Bank Thursday:
The Federal Reserve Bank of New York today announced that Brian
Sack, executive vice president and head of the Markets Group, is
resigning from the Bank effective September 14, 2012.
Mr. Sack will remain in his current position as head of the Markets
Group and Manager of the System Open Market Account (SOMA) until June
29, 2012, to help ensure a smooth transition. The New York Fed has
started the search process for Mr. Sack’s replacement.
“Brian’s service to the Bank over the past three years has been
critical to our response to the financial crisis and the country’s
economic recovery,” said William C. Dudley, president and chief
executive officer of the New York Fed. “I accepted his resignation with
great regret and wish him well.”
Mr. Sack will step down as head of the Markets Group and SOMA
Manager on June 29, 2012. He will then be placed on leave until
September 14, 2012, during which he will have limited contact with the
Bank and no access to Bank information, including FOMC and supervisory
materials.
** MNI New York Newsroom: 212-669-6430 **
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