Two Insiders to Join New York Fed Board of Directors

The Federal Reserve Bank of New York announced today that Jeffrey B. Kindler and James S. Tisch have been elected to the New York Fed’s board as Class B directors, filling the remaining two vacancies on the board. Kindler, chairman and chief executive officer of Pfizer, was elected to serve the unexpired portion of a three-year term ending December 31, 2009. Tisch, president and chief executive officer of Loews Corporation, was elected to serve the unexpired portion of a three-year term ending December 31, 2010.

Kindler has played the revolving door game between government and connected companies his entire career. He began his career as an attorney at the Federal Communications Commission. He then served as law clerk to Judge David L. Bazelon of the U.S. Court of Appeals of the D.C. circuit and later served as law clerk to U.S. Supreme Court Justice William J. Brennan, Jr.

Kindler then joined the powerful, politically connected, law firm of Williams & Connolly, became a partner and then moved to General Electric as vice president of litigation and legal policy. He then joined McDonald’s Corporation as executive vice president and general ounsel, responsible for both legal and corporate affairs.

Tisch is a member of the Council on Foreign Relations and serves on the Executive Committee of the Partnership for New York City (founded by David Rockefeller) and is a member of the Board of Overseers of the Wharton School at the University of Pennsylvania. He is also a board member and past president of Federation Employment and Guidance Service.