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.
