What did Dennis Hughes do before his appointment as chairman of the Federal Reserve Bank of New York?

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What did Dennis Hughes do before his appointment as chairman of the Federal Reserve Bank of New York?

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Dennis Hughes was the New York state AFL-CIO Union president. It is believed to be the first time that a union boss has been named chairman of a Federal Reserve bank. While Hughes has served as a N.Y. Fed director since 2004 and currently is the bank’s acting chairman, the appointment still carries symbolic importance. Hughes will sit atop the N.Y. Fed’s nine directors, including General Electric Chief Executive Jeffrey Immelt and J.P. Morgan Chase Chief James Dimon. Directors influence monetary policy by setting discount rates and appointing the bank’s president. Sources: http://blogs.wsj.

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The Federal Reserve Board’s decision today to elevate Denis Hughes, a New York labor union leader, to the role of chairman of the board of the Federal Reserve Bank of New York is an unusual choice, and also shines a light on a sometimes cumbersome law overseeing the governance of the Federal Reserve. The Federal Reserve Act ( section 4, paragraph 20 ) says that chairmen of boards overseeing regional Fed banks need to have ‘tested banking experience.’ Mr. Hughes, who is head of the New York branch of the AFL-CIO labor union, doesn’t seem to have that kind of banking experience on his resume. He’s spent most of his professional life as an electrician and union leader. http://newsfeedresearcher.com/data/articles_b35/york-board-chairman.html#hdng0 Is organized labor gaining power in the U.S. or are its leaders being co-opted by the federal government and corporate America? The questi

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Is organized labor gaining power in the U.S. or are its leaders being co-opted by the federal government and corporate America? The question is at the heart of today’s appointment of Denis Hughes, the New York state AFL-CIO president, as chairman of the Federal Reserve Bank of New York. It is believed to be the first time that a union boss has been named chairman of a Federal Reserve bank. While Hughes has served as a N.Y. Fed director since 2004 and currently is the bank’s acting chairman, the appointment still carries symbolic importance. Hughes will sit atop the N.Y. Fed’s nine directors, including General Electric Chief Executive Jeffrey Immelt and J.P. Morgan Chase Chief James Dimon. Directors influence monetary policy by setting discount rates and appointing the bank’s president. Sources: http://blogs.wsj.

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