Alphonso O’Neil-White Joins New York Fed Board of Directors, Emily K. Rafferty Reappointed and Terry J. Lundgren Reelected

NEW YORK, Jan. 5 -- The Federal Reserve Bank of New York issued the following news release:

The Federal Reserve Bank of New York announced that Alphonso O'Neil-White, president and chief executive officer of HealthNow New York Inc., has been elected a Class B director of the New York Fed starting January 1 for the unexpired portion of James S. Tisch's three-year term ending December 2013. Emily K. Rafferty, president of the Metropolitan Museum of Art has been reappointed a Class C director and Terry J. Lundgren, chairman, president and chief executive officer of Macy's Inc. has been reelected a Class B director, both for three-year terms beginning in January 2012.

Mr. O'Neil-White is president and chief executive officer of HealthNow New York Inc., a health insurance and health services company in upstate New York. HealthNow is a BlueCross BlueShield Association licensee in Western New York and in New York's capital district.

Mr. O'Neil-White has considerable experience in the healthcare arena, spanning national and state governmental affairs, executive management, health care operations and the law. Prior to joining HealthNow, he served as vice president and general counsel for the organization currently known as American's Health Insurance Plans ("AHIP"), the preeminent trade association for the health insurance industry. As a representative for the organization, he traveled throughout the country working on health policy issues, testifying before the U.S. Congress and state legislatures, as well as providing media commentary on health care issues.

He also has experience in the public sector, gserving as senior labor counsel for Humana Inc., a national, publicly traded health care company, and as general counsel for one of the nation's first health maintenance organizations, Group Health Association, Inc.

Mr. O'Neil-White is a trustee and director on a number of local and national boards, including the Albright-Knox Art Gallery, the National Institute of Healthcare Management, and the BlueCross BlueShield Association. He is a member of the executive committee of the Buffalo Niagara Partnership and serves on the board of directors of the Buffalo Club and Buffalo State College. He is also chair of the Community Foundation of Greater Buffalo; he was chair of the board of directors of the Buffalo Branch of the Federal Reserve Bank of New York and served as chair of the Upstate Advisory Council of the Federal Reserve Bank of New York.

He received a bachelor's degree from Hampden Sydney College and a Doctor of Law degree from the Brandeis School of Law.

Ms. Rafferty is president of The Metropolitan Museum of Art. She is a 35-year veteran of the museum, where she rose through the ranks in the areas of development and external affairs.

Ms. Rafferty is actively affiliated with a number of arts and civic organizations, including the Steering Committee of the Association for a Better New York, the Women's Forum, Media NYC 2020, ArtTable, the Association of Fundraising Professionals and Women in Financial Development. She chairs NYC & Company, the city's tourism and marketing organization, and is a member of the board of directors of the National September 11Memorial & Museum.

She received her bachelor's degree from Boston University. She received a Doctor of Humane Letters from The College of New Rochelle and an honorary Doctor of Laws degree from Fairchild University.

Mr. Lundgren is chairman, president and chief executive officer of Macy's, Inc., having assumed his titles in January 2004. He had served as president and chief executive officer since February 2003 after having served as president and chief merchandising officer since May 1997. Macy's, Inc. is the parent company of Macy's and Bloomingdale's, and was previously known as Federated Department Stores, Inc.

Mr. Lundgren is an active supporter of The Terry J. Lundgren Center for Retailing at the University of Arizona. He has been appointed Commissioner on Women's Economic Development by the Mayor of New York. He currently serves on the boards of Carnegie Hall and United Way of New York City, and is co-chairman of The New York City Partnership. He is chairman of the board of directors of the National Retail Federation and has served as chairman of the National Minority Supplier Development Council. Mr. Lundgren serves on the membership committee of the Economic Club of New York.

Mr. Lundgren is a graduate of the University of Arizona. He received an honorary Doctor of Law degree from the University of Arizona and was also awarded the honorary Doctor of Commercial Sciences degree from Suffolk University.

About the Reserve Banks' Boards of Directors

The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed's decisions on monetary policy are informed by actual economic conditions.

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