October 1, 2009 / 9:00 PM / 10 years ago

UPDATE 1-New York Fed fills out board with Kindler, Tisch

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NEW YORK, Oct 1 (Reuters) - The Federal Reserve Bank of New York said on Thursday that Pfizer (PFE.N) chief executive Jeffrey Kindler and Loews Corp (L.N) chief executive James Tisch will fill the two vacancies on its board of directors.

Member banks elected Tisch to complete a three-year term ending Dec. 31, 2010, which was left vacant by former Lehman Brothers’ chief executive Richard Fuld. Fuld resigned last September, just before Lehman’s collapse.

Kindler was elected to finish a three-year term ending Dec. 31, taking the seat PepsiCo PEP.N chief executive Indra Nooyi resigned from in February.

Regional Federal Reserve banks’ boards of directors offer recommendations on Fed policy, but have no policy-making powers. They also provide anecdotal information about the business conditions that help inform the central bank.

Regional Fed banks have three classes of directors: Class A, elected by member banks to represent banks; Class B, elected by member banks but representing the public; and Class C, which represent the public but are chosen by the Board of Governors in Washington.

Kindler and Tisch join Jeffrey Immelt, chairman and chief executive of General Electric (GE.N) as Class B directors.

Reporting by Kristina Cooke

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