On December 3, 2014, the Federal Reserve Bank of New York (“New York Federal Reserve”) announced the formation of the Integrated Policy Analysis Group (“IPA”), and named executive vice president of the Emerging Markets and International Affairs Group (“EMIA”), Alberto G. Musalem, as head of the new group. The EMIA Group will cease to operate in January, 2015.

IPA is intended to improve the New York Federal Reserve’s ability to design a more comprehensive view of the global economic and financial environment, in order to strengthen decision-making across the New York Federal Reserve’s monetary, supervisory and payments policy responsibilities within the Federal Reserve System. IPA will manage the New York Federal Reserve’s international relationships and evaluate risks that could influence its objectives. IPA will begin its work in January, 2015, and bring together teams which will include analysts from the Bank’s EMIA, Markets, Financial Institution Supervision, Risk and Research groups and Office of Financial Stability and Regulatory Policy.

Alberto G. Musalem’s biography is available at:

http://www.newyorkfed.org/aboutthefed/orgchart/musalem.html.