CURRENT AFFAIRS

Detailed explanation-1: -IBM Chairman and Chief Executive Officer, Arvind Krishna has been elected to the Board of Directors of the Federal Reserve Bank of New York.

Detailed explanation-2: -John C. Williams took office on June 18, 2018, as the 11th president and chief executive officer of the Second District, Federal Reserve Bank of New York.

Detailed explanation-3: -The Board of Governors–located in Washington, D.C.–is the governing body of the Federal Reserve System. It is run by seven members, or “governors,” who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate.

Detailed explanation-4: -Pursuant to the Federal Reserve Act, a majority of the directors on a Branch board are appointed by the Federal Reserve Bank in that District, and the remaining directors are appointed by the Board of Governors.