Dr. Rajiv Shah, the Indian-American president of the Rockefeller Foundation, has been appointed to the Board of Directors of the Federal Reserve Bank of New York. The Federal Reserve System’s Board of Governors designated Shah as a Class C director, serving a three-year term until December 31, 2026. This role entails representing the public’s interests, according to a statement from the Federal Reserve Bank of New York.
Leading The Rockefeller Foundation since 2017, Shah has been dedicated to advancing global well-being. Before his foundation tenure, he founded and managed Latitude Capital, a private equity firm focused on infrastructure and energy projects in Africa and Asia. From 2009 to 2015, he served as head of the US Agency for International Development (USAID), contributing to critical initiatives such as the US responses to the 2010 earthquake in Haiti and the 2014 West African Ebola pandemic.
In his prior roles, Shah demonstrated leadership as chief scientist and undersecretary for research, education, and economics at the US Department of Agriculture and as a director at the Bill & Melinda Gates Foundation. He played a pivotal role in the creation of the International Financing Facility for Immunization. Shah, a University of Michigan and University of Pennsylvania School of Medicine graduate, earned prestigious honors, including the Secretary of State’s Distinguished Service Award and the US Global Leadership Award.
The structure of the Reserve Banks, outlined by the Federal Reserve Act of 1913, involves a board of directors overseeing their operations. Each Reserve Bank’s nine directors represent their Reserve District, offering expertise to inform policy and operational decisions. The classification divides directors evenly into Class A, representing member banks, Class B, and Class C, representing the public. These directors serve as a vital connection between the Federal Reserve and the private sector, ensuring that monetary policy decisions align with actual economic conditions.
