Federal Reserve Bank Of New York Names Indian-Origin Sushmita Shukla As First VP And COO

Federal Reserve Bank Of New York Names Indian-Origin Sushmita Shukla As First VP And COO

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Federal Reserve Bank of New York has appointed Sushmita Shukla, an Indian-origin veteran of the insurance industry, as First Vice President and Chief Operating Officer, making her the second-ranking officer at the prominent institution.

Shukla, 54, has been appointed by the Board of Directors of the Federal Reserve Bank of New York as First Vice President and Chief Operating Officer, effective March 2023, the New York Fed said in a statement on Thursday.

The Federal Reserve Bank of New York is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, DC, make up the Federal Reserve System. The New York Fed is the largest Reserve Bank in terms of assets and volume of activity.

“I am honoured to have the opportunity to work for a mission-driven organisation like the New York Fed. I look forward to applying all that I’ve learned in my career including my technology, operations, and risk-focused experiences to furthering the key activities and supporting the dedicated leadership of this critical institution,” Shukla said in the statement.

Shukla has nearly 20 years of experience in the insurance industry. Shukla is currently Senior Vice President and Chief Operations Officer for International Accident & Health at Chubb, the world’s largest publicly traded property and casualty insurance company. She has also served in leadership roles at Healthfirst, Liberty Mutual, Merrill Lynch, and GiantBear Inc, a wireless technology and application service provider in New York.

Together with the Bank’s President and Chief Executive Officer, Shukla will establish, communicate, and execute the strategic direction of the organisation and will also serve as an alternate voting member of the Federal Open Market Committee, the statement further added.

Meet Nabeela Syed, the Indian-American to become youngest lawmaker in Illinois

Meet Nabeela Syed, the Indian-American to become youngest lawmaker in Illinois

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Indian American Nabeela Syed grabbed eyeballs on Wednesday after she won the US midterm election seat in Illinois’ lower house, beating the Republican incumbent, Chris Bos. The recent college graduate took to social media to share the news that has since gone viral. “My name is Nabeela Syed. I’m a 23-year-old Muslim, Indian-American woman. We just flipped a Republican-held suburban district,” she wrote on Twitter.

Nabeela is set to be one of the youngest members of the state’s House of Representatives, joining fellow ‘Gen Z’ Democrat Maxwell Alejandro Frost, who was elected to Florida’s lower house in the recently concluded US midterm elections. She joins Democrats Raja Krishnamoorthi, Ami Bera, Ro Khanna, Pramila Jayapal and Aruna Miller, among others, in the list of Indian Americans elected to office this year.

She attributed her success to ‘relentlessly knocking on doors’ to engage with voters and reaching out to them via mailers and television ad. “I’m feeling very, very grateful,” she told the Illinois-based Daily Herald. “I think we laid it all out there. We communicated our message. We wanted to let constituents in this district know what exactly I would fight for in the state legislature, in our suburban district and the place that I’ve called home.”

There are several factors that make Nabeela’s victory in Illinois’ 51st Congressional District noteworthy – she is young, a first-generation Asian-American and a hijab-wearing Muslim woman in a district that is overwhelmingly white. But her father Syed Moizuddin said that he wasn’t surprised that Nabeela went into public service.

“We knew right from high school that she is gonna do something big,” he told Lucia Barnum in the three-part Ground Game podcast that follows Nabeela’s political journey.

There is not much information about her Indian roots, but Nabeela said in an interview that her father immigrated to the US in 1989. “He worked his way up, was able to bring my mom here… his definition of success probably looks like building a life in a foreign country just so that he could give his future children as many opportunities as possible,” she told Ayra Mudessir in the Grow Wealthy podcast.

Growing up in Palantine, an upper-middle-class neighbourhood in Illinois, Nabeela said that she felt disconnected from politics as a child initially. Though that gradually changed, the turning point was Donald Trump’s presidential election in 2016.

“Once Trump was elected, the whole campaigning beforehand and seeing the kind of dangerous rhetoric he was using… that kind of tipped me over the edge,” she told Mudessir. “It was the Trump presidency that took me from not only do we have to be engaged with politics but we have to actually partake in it because if we don’t, other folks are going to write the narrative.”

Progressive platform

The political science graduate from the University of California, Berkeley, ran on a progressive platform, pledging to protect women’s access to healthcare and abortion, make prescription drugs more affordable, increase support for public schools, ban military-style assault weapons, and enact common-sense gun safety measures.

“I had to do active shooter drills. Future generations should not have to,” she told The Trace, a US-based gun news website, recounting feeling terrified while participating in one such drill when she was in the third grade.

Prior to her foray into active politics, she had served as the campaign manager for the election to the school board, worked with several non-profits working on different aspects of elections, including raising money for female Democratic candidates. A champion debater, she also coached her high school debate team for over two years.

Challenges galore

Her entry into politics was aided partly by the Covid-19 pandemic, which saw the 23-year-old move back home for online classes in the final year of college. During this period, Nabeela and her high school friend-turned-campaign manager Anusha Thotakura contemplated running for office, Barnum said in the Ground Game podcast.

However, an unexpected liver donation surgery complicated the issue.

In a letter on organ donation published on the Chicago Tribune website on February 14, Nabeela wrote of her experience.

“Last June, while scrolling through social media, I read a tweet from an old friend that made me stop. In the tweet, he shared that his brother had a severe liver condition. After months on the donor registry for a liver transplant, his family was looking for a living donor to help save his brother’s life. I, along with over 100 Twitter users, expressed interest through a form. I didn’t expect to be a match. But after doctors at Northwestern ran several tests, I was notified that I was a match — I could help save this person’s life by donating 70% of my liver,” she wrote.

She described the episode as extremely challenging but said that knowing that the person she helped is now able to start his medical residency program has helped her cope.

Growing into the hijab

In the Ground Game podcast, Nabeela spoke of the decision to start wearing a hijab in her freshman year of school, prompting her family to worry if she will be bullied.

“No one in my family really did [wear a hijab],” she said. “I was feeling very close to my religion. I was drawn to wearing a hijab and I feel like that was one of the defining moments of me doing what I wanted to do because I truly believed in it… in me making a decision for myself.”

She said that though her friends were supportive in the early days, the Trump-era America proved difficult. “People made it clear how they felt,” she said of her time as a Muslim-American senior in a predominantly white high school, with classmates who often openly supported Trump.

2 Indian-Americans in Money magazine’s top 50 changemakers

2 Indian-Americans in Money magazine’s top 50 changemakers

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Two Indian-Americans are among Money magazine’s 50 influential figures from entertainment, media, business, investing, politics, etc, who are shaping Americans’ finances.

Rohit Chopra, head of the Consumer Financial Protection Bureau (CFPB) and Gaurav Sharma of New York-based fintech firm Capitalize, have been recognised for offering “unique perspective on the gaps within our financial systems – and how they’re working to improve the future for everyday consumers”.

As the director of the government’s CFPB, Chopra, 40, is tasked with protecting families from deceptive and abusive financial practices.

Appointed by US President Joe Biden in 2021, “Chopra has already made an outsized impact on the wallets of Americans by helping overhaul how medical debt affects our credit, reduce ‘junk fees’ charged by banks, and more,” says Money.

As Director, Chopra is also a member of the Board of Directors of the Federal Deposit Insurance Corporation and the Financial Stability Oversight Council.

“As far as financial regulators go, 40-year-old Chopra is young, though he’s certainly not inexperienced. In fact, he’s a bit of a financial Forrest Gump,” the Money said.

During his tenure at the Federal Trade Commission starting 2018, Chopra successfully worked to strengthen sanctions against repeat offenders, to reverse the agency’s reliance on no-money, no-fault settlements in fraud cases, and to halt abuses of small businesses. Prior to his government service, Chopra worked at McKinsey & Company, the global management consultancy, where he worked in the financial services, health care, and consumer technology sectors.

Chopra holds a BA from Harvard University and an MBA from the Wharton School at the University of Pennsylvania.An Australian by birth, Sharma is the CEO and Co-Founder of Capitalize — a venture-backed fintech company in New York focused on the retirement savings market. Before founding Capitalize, Sharma worked for JP Morgan, UBS, Morgan Stanley, and Greenlight Capital.

After seeing how hard it is for most people to understand their retirement accounts, he decided to build a company that makes it easier.

“Really honored to be recognized by @Money as one of 50 Changemakers for 2023 – and flattered to be alongside some amazing innovators,” Sharma tweeted.

Initially, Sharma wanted Capitalize just to solve the problem of finding an old account and getting the money easily into an individual retirement account. Looking forward, though, “our bigger mission is helping the issue of saving for retirement,” Sharma told Money.

Indian-American Krishna Vavilala receives US Presidential Lifetime Achievement Award

Indian-American Krishna Vavilala receives US Presidential Lifetime Achievement Award

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Presidential Lifetime Achievement (PLA) Award:

US President Joe Biden has recognised Indian-American and a longtime Houstonian, Krishna Vavilala, with the Presidential Lifetime Achievement (PLA) Award, the nation’s highest honour for his contributions to his community and the country at large. The Presidential Lifetime Achievement (PLA) Awards, led by AmeriCorps, is an annual event held to honour citizens, who exhibit outstanding character, worth ethic, and dedication to their communities.

Career of Krishna Vavilala:

Krishna Vavilala is Originally from Andhra Pradesh, Vavilala is a retired Electrical Engineer, and currently, the founder and Chairman of the Foundation for India Studies (FIS), a 16-year-old non-profit organisation, whose signature project “the Indo-American Oral History Project” won the 2019 Mary Fay Barnes Award for Excellence.
Vavilala has also served as a President of the American Society of Indian Engineers, Telugu Cultural Association, Houston and Telugu Literary and Cultural Association.
He has received several awards and accolades from various organisations including the Indo-American Chamber of Commerce of Greater Houston, the Indo-American Press Club and the Lifetime Achievement Award, from the India Culture Centre.

About the AmeriCorps:

AmeriCorps, an agency of the United States government, engages more than five million Americans in service through a variety of volunteer work programmes in many sectors. At a glittering ceremony last week, 86-year-old Vavilala, a Houstonian for the past four decades, was lauded for his lifetime service and achievements by calling him a “Change Maker and Global Humanitarian”.

AmeriCorps certifier Dr Sonia R. White presented the official Presidential Award to Vavilala which contained a framed proclamation from the White House, signed by President Biden, and the medallion.

Indian-Americans To Benefit From US Bill That Ends Per Country Quota

Indian-Americans To Benefit From US Bill That Ends Per Country Quota

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The White House has supported Congress to pass a legislation that seeks to eliminate the per country quota on green cards to allow US employers to focus on hiring people based on merit, not their birthplace, a bill if passed would benefit several hundreds of thousands of immigrants specially Indian-Americans.
A Green Card, known officially as a Permanent Resident Card, is a document issued to immigrants to the US as evidence that the bearer has been granted the privilege of residing permanently.

This week, the House of Representatives is scheduled to vote on the Equal Access to Green Cards for Legal Employment (EAGLE) Act of 2022.

The EAGLE Act would eliminate a per-country cap on employment-based green cards- a policy that disproportionately affects Indian immigrants.

If passed, this legislation would phase out the per-country caps over the course of nine years to ensure that eligible immigrants from less populated countries are not excluded as the EAGLE Act is implemented.

“The administration supports efforts to improve our immigrant visa system and ease the harsh effects of the immigrant visa backlog,” the White House said.

“Accordingly, the administration supports the House passage of HR 3648, the Equal Access to Green Cards for Legal Employment (EAGLE) Act, and its goal of allowing US employers to focus on hiring immigrants based on merit, not their birthplace, by eliminating the “per country” limitation on employment-based immigrant visas (green cards),” it said.

These changes would take effect over a nine-year transition period to ensure that no countries are excluded from receiving visas while the per-country caps are phased out.

During the transition period, visas would also be set aside for nurses and physical therapists to address urgent needs in the healthcare industry, and for employment-based immigrants and their family members who are not currently in the United States, the White House said.

“This legislation would be life-changing for hundreds of thousands of immigrants currently stuck in legal limbo as they wait for green cards,” said Neil Makhija, executive director of the Indian American Impact.

The per-country cap on green cards is a relic of a discriminatory system that excluded Asian immigrants entirely in the past, he said.

“The caps were enacted decades ago and do not reflect our country’s values. It is time for Congress to act and provide fair and equitable treatment to so many immigrants who call this country home,” Makhija said.

The bill among other things also includes important provisions to allow individuals who have been waiting in the immigrant visa backlog for two years to file their green card applications, the White House said.

Although the applications could not be approved until a visa becomes available, this would allow employment-based immigrants to transition off of their temporary visas and provide them with additional flexibility in changing employers or starting a business, it said.

Importantly, the bill would also keep families together by ensuring that children of employment-based immigrants do not age out of dependent status or lose their eligibility for a green card, the White House noted.

The White House said for generations, immigrants have contributed to key sectors of the US economy and fortified America’s most valuable competitive advantage- the spirit of innovation and entrepreneurship.

“Immigrants keep our economy growing, our communities thriving, and our country moving forward,” it said.

In addition to passing HR 3648, the administration urges Congress to pass the US Citizenship Act, which would further reform and improve the immigrant visa system by increasing lawful pathways to the United States, providing a path to citizenship to millions of undocumented immigrants, and establish a new system to responsibly manage and secure our border,” said the White House.