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.
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