NY Fed Elects David M. Cote as Class B Director to Board of Directors

The Federal Reserve Bank of New York ("NY Fed") announced that David Cote, CEO and Chairman of Honeywell International, was elected to serve as a Class B director.

Mr. Cote was elected by members of Group 2, a classification for banks with capital and surplus of $30 million to $1 billion, to represent the public. His term ends December 31, 2016.

As required by the Federal Reserve Act of 1913, each of the Reserve Banks operates under the supervision of a board of nine directors who represent the interests of their Reserve District. These nine directors are divided evenly by classification: Class A directors represent the member banks in the District, and Class B and Class C directors represent the interests of the public.

See: NY Fed Press Release.