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41-Year IBEW Member Appointed
Chairman of N.Y. Federal Reserve

 August 26, 2009

Denis Hughes, president of the New York State AFL-CIO, was named chairman of the powerful Federal Reserve Bank of New York on August 24.

Hughes, who was initiated into New York Local 3 in 1968 and completed his inside wireman apprenticeship in 1975, joined the New York State AFL-CIO staff in 1985 as political director and assistant to the president. In 1999, Hughes was elected president of the New York State AFL-CIO.

“The labor movement and the IBEW are honored by Denis Hughes’ appointment,” says International President Edwin D. Hill.  While past chairmen have been accused of being too cozy with Wall Street, says Hill, “Denis Hughes will use his proven leadership skills to help formulate balanced policies that will help the working families on Main Street, too.”

Hughes was elected to the board of directors of the Federal Reserve Bank in 2003 and has served as acting chairman since May. Hughes, who has also serves as a state insurance commissioner, is a graduate of Empire State College’s Harry Van Arsdale School of Labor Studies, named after the legendary business manager of Local 3.

Hughes says, “My job [as bank chairman] is to do whatever I can to make sure working families are considered when decisions are made.” His pledge is punctuated by a long record of accomplishment.

In 1999, Hughes kicked off the New York New Alliance, the first AFL-CIO statewide effort to streamline central labor councils to increase their effectiveness in politics and supporting organizing.

Under Hughes’ leadership, the state’s workers compensation system has been reformed to provide greater benefits to injured workers, and historic majority sign-up legislation has been passed to support the right of state workers to unionize. In several critical elections, labor-supported candidates, like former Rep., now-Senator Kirsten Gillibrand have won office in majority-Republican districts.

Hughes says his tenure on the Federal Reserve Bank’s board has been “a great experience,” which has allowed him to see firsthand how the nation’s economy really works.

The Federal Reserve Bank of New York is the operating arm of the Federal Reserve System in New York, northern New Jersey, Fairfield County in Connecticut, Puerto Rico and the Virgin Islands.  It is the largest of the 12 Federal Reserve district banks in terms of assets and volume of activity.

The central bank has a seven-member Board of Governors in Washington, which appointed Hughes to the New York post.  District bank chairs are designated annually.

The Wall Street Journal, commenting on Hughes’ appointment said, “…having served as a director at the New York Fed now for more than three years, one could argue he’s gotten his share of on-the-job training when it comes to tested banking experience.”

Photo used under a Creative Commons license from Flickr user epicharmus.