According to a press release from the New York Fed, PrezBo has been “redesignated Chairman of the New York Fed Board of Directors.” This means he will remain as Chairman (the post he currently holds) on the board through 2012. PrezBo is no stranger to the New York Fed, having risen in the ranks from being appointed deputy chair in 2009 before being appointed chairman of the board in 2010.
PrezBo, known for his staunch support of bigger government and the first amendment, votes with the other board members of the Fed to influence monetary policy through setting discount rates and the appointment of the bank’s president. Still, the Wall Street Journal says “a big part of the role is symbolic.”
Bollinger’s been on the board since 2007, having served as a Class C director. Given that the board looks for “individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers,” it’s clear that the man with a plan (and a full head of hair) was a natural fit.