Denise Scott, executive VP for programs at LISC, will lend the knowledge and insight of her 30 years’ experience in community development to the prestigious New York Fed board of directors. She was appointed to replace Marc Tessier-Lavigne, who is leaving to become president of Stanford University. Prior to joining LISC, Scott was a White House appointee to HUD and headed several affordable housing organizations, and her cumulative expertise will help guide the public interest work of the New York Fed.
NEW YORK – The Federal Reserve Bank of New York today announced that Denise Scott, executive vice president for programs at the Local Initiatives Support Corporation (LISC), has been appointed a Class C director of the New York Fed by the Board of Governors of the Federal Reserve System.
Starting August 1, 2016, Ms. Scott will be filling the remainder of Dr. Marc Tessier-Lavigne’s term, which expires on December 31, 2016. Ms. Scott will be eligible for reappointment at that time. Dr. Tessier-Lavigne is stepping down from the New York Fed’s Board of Directors to become president of Stanford University.
Ms. Scott has more than three decades of experience in community development and currently leads LISC’s efforts to revitalize low-income neighborhoods through urban program offices in 31 cities and a rural redevelopment effort operating in 42 states. LISC raises and invests more than $1 billion annually to support better housing, businesses, jobs, education, safety, and health for disadvantaged populations. She previously managed LISC’s flagship program in New York City (LISC NYC), focusing on affordable housing, commercial corridors, education, health, and jobs in some of the city’s toughest neighborhoods.
Prior to joining LISC, Ms. Scott served as a White House appointee to the United States Department of Housing and Urban Development (HUD), responsible for the daily operations of HUD’s six New York/New Jersey regional offices, and supervised the implementation of funding and program initiatives. Prior to that, she served as the managing director/coordinator responsible for launching the Upper Manhattan Empowerment Zone Development Corporation. She has also held numerous positions with housing and development organizations in New York City, including the New York City Urban Coalition, the New York City Mayor's Office of Housing Coordination and the New York City Department of Housing and Development’s Harlem Neighborhood Preservation Program office.
Ms. Scott is on the board of the New York City Housing Development Corporation and is a member of the Age-Friendly NYC Commission and the NYU Furman Center advisory board. She is also an advisor to several nonprofit community-based development organizations in New York City and has been recognized by numerous organizations, including the Citizens Housing and Planning Council, the New York Women’s Chamber of Commerce and National Housing Conference, for her contributions to community development in New York City.
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.