Sara Horowitz to Join New York Fed Board of Directors; Emily K. Rafferty Designated Chair and Kathryn S. Wylde Redesignated Deputy Chair

Targeted News Service

NEW YORK, Dec. 3 -- The Federal Reserve Bank of New York issued the following news release:

The Federal Reserve Bank of New York today announced that Sara Horowitz, founder and executive director of Freelancers Union and chief executive officer of Freelancers Insurance Company, has been appointed a Class C director of the New York Fed by the Board of Governors of the Federal Reserve System starting January 1, 2013, for a three-year term ending December 31, 2016. The Board of Governors has also designated Emily K. Rafferty chair and redesignated Kathryn S. Wylde deputy chair of the New York Fed's board of directors for 2013.

Sara Horowitz, a native New Yorker, founded Freelancers Union in 1995 to promote the needs of the independent workforce. The organization today has approximately 200,000 members nationwide. In 2008, she started Freelancers Insurance Company, a social-purpose for-profit business that offers independent workers in New York health insurance. Before founding Freelancers Union, Ms. Horowitz worked as a labor lawyer, a union organizer and a public defender. She is also on the board of Women's Housing and Economic Development Corporation.

Ms. Horowitz, a MacArthur Foundation "Genius" fellow, received her bachelor's degree from Cornell University. She holds a master's degree from Harvard University and a law degree from SUNY Buffalo.

Emily K. Rafferty is president of the Metropolitan Museum of Art</org> and has served as a Class C director since January, 2011. Kathryn S. Wylde, president and chief executive officer of the Partnership for New York City, has served as a Class C director since July 2009 and as deputy chair since 2010.

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.