NEW YORK — The Federal Reserve Bank of New York has hired a BlackRock executive to lead its legal division.
Richard Ostrander will join the reserve bank next month as general counsel and head of its legal group. He will also be added to the bank's executive committee and serve as deputy general counsel for the Federal Open Market Committee, which sets the Fed's monetary policy.
"Rick has deep expertise in the legal and compliance issues facing financial institutions and markets today, which will help us lead and prepare for the digital innovation of tomorrow," New York Fed President and CEO John C. Williams said in a statement. "His commitment to diversity, equity, and inclusion practices across teams and his ability to collaborate inclusively with business areas on complex legal challenges will make him a great addition to our leadership team."
The FOMC consists of the governors of the Federal Reserve Board in Washington, the president of the New York Fed and a rotating group of other regional reserve bank presidents. It sets target rates for the Federal Reserve System and dictates balance sheet activities. The New York Fed then executes those policies through its Open Market Operations.
Ostrander is currently a managing director in BlackRock's legal and compliance division, in which he oversees trading and digital enterprise, according to an online biography. In this position he analyzes and responds to issues dealing with trades and investments made by BlackRock's funds and provides legal support to the firm's various technological pursuits.
In the past, Ostrander has represented BlackRock and Morgan Stanley in meetings with the Fed and other banking and trading regulators, according to meeting minutes on the Fed's website.
Ostrander sits on several risk and oversight committees within BlackRock. He also leads the diversity, equity and inclusion initiatives managed by the firm's legal and compliance division. He has been with the asset management firm since 2011.
Before joining BlackRock, Ostrander led global legal coverage for Morgan Stanley's institutional fixed income division. Before that he was an associate at the New York law firm Cleary Gottlieb, which he joined after completing his master's of business administration and law degrees at Stanford University in 1995. He attended Hamilton College in New York for his undergraduate studies.
"I could not be more honored to be offered the opportunity to join the New York Fed. I'm thrilled to be able to apply the skills that I've acquired during my career to such an important public service mission," Ostrander said in a statement. "The New York Fed is at the heart of multiple, critical public policy issues and it will be a privilege to support the Legal Group and the Bank in navigating them."
