Christine Cumming to Retire from N.Y. Fed

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Christine Cumming, first vice president of the Federal Reserve Bank of New York, speaks during a seminar in Istanbul, Turkey, on Saturday, Oct. 3, 2009. Finance ministers from the Group of Seven meet in Istanbul today pushing for a 'strong dollar' amid concern its slide will impede their recoveries from the deepest global recession in the postwar era.Photographer: Daniel Acker/Bloomberg *** Local Caption *** Christine Cumming

Christine Cumming, first vice president and chief operating officer of the Federal Reserve Bank of New York, Wednesday announced her intention to retire from the Bank in June 2015.

Cumming is the second ranking officer in the Bank and a member of the Bank's Management Committee, as well as an alternate voting member of the Federal Open Market Committee.

As first vice president, Cumming led the Bank in the development of a comprehensive risk management program, implementation of the Fedwire modernization program, and establishment of an Office of Diversity and Inclusion. More broadly, Cumming in her 35 years at the Bank played a strategic role in various Federal Reserve System initiatives, including co-leading the development of its current information technology governance model and playing an instrumental role in the development of a System operational risk program, the Fed said in a release.

"Christine's achievements have had a transformative and enduring impact on the Bank and the Federal Reserve more broadly," said William C. Dudley, president and chief executive officer of the New York Fed. "We will miss her steadfast commitment and leadership."

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