December 21, 2018
NEW YORK – The Federal Reserve Bank of New York today announced that Vincent Alvarez, President of the New York City Central Labor Council, AFL-CIO (NYCCLC), has been appointed a Class C director of the New York Fed by the Board of Governors of the Federal Reserve System, effective January 1, 2019.
Mr. Alvarez was elected as the NYCCLC’s first full-time President and first Latino President in 2011, and was re-elected in 2015. He had previously served as Assistant Legislative Director of the NYS AFL-CIO, spearheading various worker-related policy initiatives throughout the state. From 2007-2009, Mr. Alvarez was Assistant to the Executive Director and then Chief of Staff of the NYCCLC.
A member of the International Brotherhood of Electrical Workers (IBEW) since 1990, Mr. Alvarez began his career with IBEW Local 3 in Flushing, New York, serving on numerous political campaigns, grassroots initiatives, and negotiating committees. During this time, he also coordinated hundreds of labor mobilization and campaign events on behalf of the NYCCLC’s affiliates and was the lead organizer and Marshal of the NYC Labor Day Parade, the nation’s oldest and largest worker parade.
Mr. Alvarez is Board Chair of the Robert F. Wagner Labor Archives at New York University, a Vice President of the Consortium for Worker Education, and a Board Member for the Greater New York Councils, Boy Scouts of America; the national AFL-CIO State Federation and Central Labor Council Advisory Board; the New York Building Congress; and the Murphy Institute for Worker Education and Labor Studies at City University of New York. He is also a member of Cornell University’s Worker Institute Advisory Council and the NYC Comptroller’s Advisory Council on Economic Growth through Diversity and Inclusion.
He is a graduate of the State University of New York at Oneonta, where he majored in business economics.
About the Reserve Banks' Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed's decisions on monetary policy are informed by actual economic conditions.