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RIT President named to New York's Federal Reserve Bank

    President Simone has been appointed to a three-year term as a director of the Federal Reserve Bank of New York, by the Board of Governors of the Federal Reserve System. He will serve as a class-C director of the bank. Class C directors are chosen from professions outside of the banking community, typically representing business, industry, agriculture, labor and consumers.

    About his appointment, Simone says he is "returning to his macroeconomic roots. I expect to learn a lot and hopefully contribute to the important work and accomplishments of the Federal Reserve System, which is playing such a critical role in the success of today's economy," he explains.

    Early in his career, Simone was a macroeconomist. After completing his bachelor's degree in economics at Tufts University and his Ph.D. in economics at MIT, and while a professor at Boston College, he served as one of three economists on the Council of Economic Advisors to the Governor of Massachusetts. At the same time, he also served as a special consultant to the state's antitrust division on major high-profile antitrust cases and as a consultant developing statistical models for an investment advisory firm. He then moved to the business school at the University of Cincinnati, and later served as dean of the business school prior to moving to the University of Hawaii, first as vice president for academic affairs and then as president. He has been RIT's president since 1992.

    The Federal Reserve System serves as the central bank of the United States. The Federal Reserve Bank of New York is the lead bank of the 12 Federal Reserve Banks nationwide, as well as the largest in terms of assets and volume of activity. The nine-member board of directors of the Federal Reserve Bank of New York has three class-C directors who are appointed directly by Alan Greenspan in his role as chairman of the seven-member Federal Reserve Board of Governors.