Honeywell CEO David Cote Nominated to NY Fed Board; Cote Is The Sole Nominated Candidate, With Voting to Conclude March 6
NEW YORK--The Federal Reserve Bank of New York said Tuesday that David Cote of Honeywell International, Inc. has been named as a candidate for its board of directors.</br></br>Mr. Cote has been chairman and chief executive officer at Honeywell since 2002. The business leader is the sole nominated candidate for the position, with voting to conclude on March 6.</br></br>The boards that oversee each of the 12 regional Fed banks have been a source of controversy in recent years given the presence of bankers on this oversight panels, who are in turn regulated by the central bank.</br></br>Fed officials counter that the boards have no direct input into monetary policy-making. And while the boards are responsible for overseeing the search process to find a new regional Fed bank presidents, bankers on the boards aren't involved in that key function.</br></br>Regional Fed leaders say their boards provide valuable business intelligence on the economy, and offer important guidance in managing the operations of each regional Fed bank.