By Steven K. Beckner

(MNI) – The New York Federal Reserve Bank Thursday announced the
selection of Simon Potter to head its Markets Group.

Potter will also succeed the departing Brian Sack as manager of the
System Open Market Account.

New York Fed President William Dudley appointed Potter head of the
Markets Group, while the Federal Open Market Committee approved him to
manage the New York Fed’s open market trading desk, beginning June 30.

“Simon is a trusted colleague with deep expertise in
macroeconomics, financial stability and financial markets, and a
reputation for candor and objectivity,” said Dudley, the FOMC vice
chairman. “His analytical strength and practical experience will prove
invaluable as he steps into this new role.”

Potter, who joined the New York Fed in 1998, had been serving as
executive vice president and co-head of the Research and Statistics
Group prior to the appointment. He was selected after an extensive
search both within and outside the Bank.

Potter, 51, is also the FOMC representative for the Research and
Statistics Group, where he leads analytical work related to forecasting
and monetary policy and leads FOMC briefings and preparation.

The New York Fed said Potter also “has played a prominent role in
the New York Fed’s financial stability efforts, including contributing
to the design of the 2009 U.S. bank stress tests and as a member of the
international Macroeconomic Assessment Group that supported the Basel
Committee’s work to strengthen bank capital standards”

He was a major contributor to the 2011 Financial Stability
Oversight Council’s Annual Report on Financial Stability, its first
annual report.

Prior to joining the New York Fed, Potter was assistant professor
of economics at the University of California, Los Angeles. He holds a
bachelor’s degree and a master’s degree from Oxford University, United
Kingdom, and a doctorate in economics from the University of Wisconsin.

With Potter’s ascension, the New York Fed announced that James
McAndrews, executive vice president, will assume sole leadership of the
Research and Statistics Group, and has been appointed associate
economist of the FOMC.

** MNI **

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