Summary
Position Description
Reporting to the director, and as a member of the Senior Leadership Team (SLT) in the Division of Monetary Affairs (MA), the Deputy Director will work closely with the Director and Deputy Directors to provide leadership and strategic direction to the division. Areas of focus include participating in discussions with policymakers about monetary policy, economic, financial, and other central banking issues, contributing to the full range of the division’s deliverables and leading a team of professionals that are organized into five sections: Banking and Financial Analysis (BFA), Financial Intermediaries Analysis (FIA), Money Market Analysis (MMA), Monetary Policy Operations and Analysis (MPOA) and Reserves Function. These sections are directly overseen by other officers, who report to the Deputy Director.
Principal Duties and Responsibilities
- Fosters a workplace culture that promotes integration, alignment and collaboration across the sections in delivering high quality products to support the division’s mission. Using knowledge of economics, finance, and monetary policy, oversees, advises and contributes to high quality, well written briefing materials, memos, and background materials for the FOMC, Board, and Chair on topics within the division’s purview particularly in the areas of monetary policy implementation, lender of last resort responsibilities and liquidity provision, and issues related to monetary policy transmission, credit intermediation, and financial structure and stability.
- Provides oversight and input into divisional products such as Tealbooks, briefing materials, memos, and background materials for the Board and the FOMC to include reviewing or drafting portions of documents and overseeing the development of memos, proposals, papers and briefings. Provides senior level coordination with other Board divisions and FRBNY, as appropriate.
- Supports the communications of the FOMC, Board, and Chair in all aspects of monetary policy, including policy statement language, FOMC meeting minutes and transcripts, press conferences, and official correspondence. Provide support for external and internal engagements of policymakers and senior leaders such as those involving testimony, participation in various committees/councils or giving speeches and remarks.
- Promotes a culture of policy-relevant research through ongoing engagement and interactions with staff. Serves as role model to staff by identifying policy relevant research topics, providing guidance and mentorship on research, advocating for and communicating staff research to the Board, and creating opportunities to continuously enhance the Board’s research and related activities. Stays abreast of developments within relevant fields and cultivates a research network through attendance at conferences, seminars, and other activities. Conducts research as schedule allows.
- Engages broadly across the Board and System in activities in the area of research, analysis, and policy support, representing the division’s needs in strategic discussions and the formation of Board policies and programs.
- Maintains highly collaborative relationships with senior staff in other Board divisions and Reserve Banks, staff serving as special advisors or others working closely with policymakers.
- Represents the Division, Board or the System, as needed with various internal and external constituencies, councils, committees, and working groups on matter relating to areas of expertise and to foster, maintain and enhance strategic partnerships. Initiates and maintains ongoing communication with such stakeholders, in partnership with relevant Division staff, to build cooperative, ongoing working relationships that ensures the impact of the Division’s actions is understood by these stakeholders. Identifies emerging trends and their potential impacts and pursues opportunities for coordination or collaboration.
- This position is a covered individual as defined by the FOMC’s Trading and Investment Policy.
- May be assigned additional duties not listed.
This position is located in Washington, DC. Employees are expected to adhere to the Board’s telework policy which states a minimum of 4 days per month onsite, and additional days to meet the business needs of the division, subject to change. Relocation assistance is available. Some travel (10-15%) within the United States might be required.
Minimum Qualifications
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- PhD in economics, finance, or related field.
- At least 10 years of demonstrated substantial knowledge and experience with analytical and empirical issues related to finance and financial intermediation, and monetary policy. Areas of desired expertise include but are not limited to monetary policy implementation frameworks; central bank balance sheet policies; money market structure and dynamics; the role of banks and nonbank financial institutions in credit intermediation and the transmission of monetary policy; central bank provision of liquidity through the discount window and other tools; and issues at the intersection of monetary policy implementation, payment systems, regulation, and evolving technology and financial structure.
- At least 7 years of demonstrated leadership experience as demonstrated by the ability to cultivate high performing teams, manage across organizational boundaries, diminish organizational silos, and foster an inclusive and diverse team culture.
Additional Information
- As a senior officer in the Division of Monetary Affairs (MA) and a member of the Senior Leadership Team, the Deputy Director works closely with the director, other deputy directors, and officers to provide effective leadership, oversight, and governance of the division. In this capacity, the individual contributes to the development of division-wide strategies and priorities to continuously improve the culture and productivity of the division, further the professional development of staff and leaders, align resources and reduce friction points, facilitate the flow of information, enhance employee engagement and communications, and foster diversity and inclusion. The deputy director oversees, guides, and directs the BFA, MMA, MPOA, FIA and Reserves Function sections of the division in a manner that allows the sections to leverage their expertise and synergies to conduct research and analysis that supports the division’s goals and strategic priorities. This officer must be able to take a broad view of division needs and how they interact. The deputy director substitutes for the director, when appropriate, in matters relating to the area of responsibility within the division and in Board-wide leadership committees and efforts.
- The individual is a broad conceptual thinker with a practical orientation and an ability to translate complex concepts into practical applications. The individual has strong analytical and problem-solving skills, excellent written and oral communications skills, and excellent management and leadership abilities.
- As an officer in the MA division, the individual would promote the division’s model of leadership—within the division and across the Board—focused on maximizing the contribution, development, and accountability of all staff in the division. Additionally, as an officer, the individual would facilitate the strongest contributions of others by distributing authority, responsibility, and decision-making widely, providing feedback, encouraging initiative and creativity, giving others broad discretion for how to best carry out their jobs, and then holding them accountable for performing at a high level. Much of the work of MA is conducted by teams of staff. As a result, it is critical for officers in MA to promote close and effective working relationships among staff working together as a team. As part of this, officers must act in a way that builds trust and puts the needs and goals of the Board and the Division first. In particular, it is essential for officers to foster a work environment that allows staff in their lines and across the Division to reach their full potential. Some key examples of the types of behaviors that officers in MA should demonstrate in this area include:
- Creating a work environment in which it is safe to speak and everyone’s voice is heard, and in which every employee is being valued, without bias, preference, or prejudice.
- Demonstrating collegial, cooperative, and collaborative behaviors. It is essential to be able to have intellectual disagreements with others and still work together respectfully and harmoniously.
- Being present in the lives of staff, remaining connected to the staff’s work, and sharing the divisions’ broader agenda with the staff.
- Ensuring that the staff’s work is aligned with our principals’ priorities and the division’s strategic objectives. Explaining to staff how their work fits into the bigger picture.
- Practicing behaviors and fostering an atmosphere consistent with the high ethical standards of the Board.
- Acknowledging and addressing conflicts or difficult personnel situations forthrightly and promptly.
Knowledge, Skills And Abilities
Strategic thinker with demonstrated strong project execution and project management capabilities, analytical skills, political savvy, and conflict mediation skills.
Demonstrated experience and commitment to fostering collaboration and employee engagement.
Ability to lead and manage staff and projects effectively, set priorities, assess performance, guide staff development and make budgetary recommendations.
Ability to balance competing interests among a variety of clients and readily readjust priorities to respond to pressing and changing client demands. Must be able to anticipate and meet the clients’ needs while maintaining high-quality end products.
Exceptional organization savvy and agility as demonstrated by ability to manage across organizational boundaries, building high performing teams, diminishing organizational silos, strengthening teams, and facilitating effective group and team dynamics.
Requires the ability to communicate effectively, both orally and in writing, with all levels of staff and management.
Stakeholder Contacts
Has regular contact with all staff in the function(s) to stay connected to the pulse of the division, provide leadership, and act as a role model.
Has frequent contact with senior staff and other professionals in the division, elsewhere at the Board, and the Reserve Banks regarding matters pertaining to area(s) of responsibility.
Has frequent contact with members of the Board, both in discussions and through memoranda, regarding matters pertaining to area(s) of responsibility.
Has frequent contact with individuals from other federal agencies, international organizations, and in the private sector regarding the subject matters in area(s) of responsibilities.
Board Competencies
Decision Quality: Makes timely, thoughtful, strategic decisions
Learning Agility: Takes responsibility for building organizational agility
Drive for Excellence: Delivers results by developing shared vision and direction for the organization
Perspective and Strategic Agility: Leads and acts with the future in mind
Collaborative Relationships: Sets the tone for collaborative organization
Effective Communication: Effectively speaks and acts on behalf of the Board
Officer And Internal Management Responsibilities
Acts as responsible steward to the function(s), Division, and Board by demonstrating proficiency in the Board’s espoused competencies.
Balances and mitigates key organizational and functional risks where appropriate, and develops and executes sustainable risk mitigation strategies.
Fosters a continuous learning culture.
Exercises appropriate judgment and decision-making in complex situations.
Demonstrates innovation and thought leadership relevant to future-state organizational and functional people strategies.
Demonstrates strong leadership and management skills aligned to the Board’s espoused values.
Keeps skills and knowledge current and aligned to best practices relative to key rules, regulations, and policies, as well as economic, political, and social trends that affect the organization. Understands near-term and long-term needs for the organization and determines how operations should be positioned to meet such needs.
Demonstrates proficiency in political savvy, organizational savvy, and interpersonal communication skills.
Provides guidance, coaching, and feedback to, and conducts performance reviews for managers and other direct reports, and ensures same is provided to all function staff.
Responsible for accomplishing approved program objectives for area(s) of responsibility within the financial and personnel resources allocated by the Board and the division's senior management.
Participates in the development of the division’s strategic plan, goals, and budget. Recommends program objectives and their priorities for area(s) of responsibility.
Recommends personnel actions involving promotions, reclassifications, merit increases, and reassignments or separations in area(s) of responsibility.
Position Demands
Ability to exercise independent and sound judgment in establishing objectives for assigned area(s) of responsibility that provide support and services for the divisions and Board’s missions.
Ability to translate customer service and organizational development theories and best practices into effective strategies for adoption in area(s) of responsibility to achieve and maintain high levels of customer service.
Ability to communicate effectively, both orally and in writing, to the Board and individual members thereof, senior Board staff, other Board and Reserve Bank staff: and staff at other government agencies and in the private sector on complex and technical matters.
Ability to be an effective spokesperson and advocate for the Board and the division in outside contacts, which may involve significant business dealings.
Ability to operate under pressure to meet deadlines accurately and in a timely manner.
Position Requirements
Primary Location
DC-Washington
Employee Status
Regular
Overtime Status
Exempt
Job Type
Standard
Work Shift
1st Shift
Relocation Provided
Yes
Compensation Grade Low
FR PAY GRADE D1
Compensation Grade High
FR PAY GRADE D1
Minimum Salary
$275,500.00
Maximum Salary
$321,370.00
Posting Date
Dec 11, 2024
