Scott Rechler, chief executive officer and chairman of RXR, outside...

Scott Rechler, chief executive officer and chairman of RXR, outside of Nassau Veterans Memorial Coliseum, in Uniondale, June 17, 2021. Credit: Newsday/Steve Pfost

Long Island real estate developer Scott Rechler has been elected to the Federal Reserve Bank of New York's board, officials said Tuesday.

Rechler, CEO and chairman of RXR Realty in Uniondale, will fill a vacancy until Dec. 31 and is expected to be nominated for a full three-year term in the coming weeks, a bank official said.

Rechler, 54, of Glen Head, told Newsday, "I look forward to working with my fellow directors in providing sound leadership, guidance and key insights as the New York region seeks to recalibrate for a post-COVID economy."

The New York Fed board has nine members who are divided into three groups.

Rechler is a director for Group 1, which represents banks with capital and surplus of more than $2 billion. Group 1 members elected Rechler and are expected to nominate him for a full term, the bank official said.

The board supervises the New York Fed, which regulates the financial services industry in Manhattan and implements interest-rate changes by the Federal Reserve’s Federal Open Market Committee, among other activities.

The board is led by Denise Scott, executive vice president of Local Initiatives Support Corporation, a nonprofit community development agency based in Manhattan.Other board members include the heads of investment bank Morgan Stanley, Nasdaq Stock Market and the union umbrella group New York City Central Labor Council.

RXR Realty is developing the Nassau Hub and owns some of Long Island’s high-profile developments, including the RXR Plaza and Omni office buildings, both in Uniondale, and Ritz-Carlton condominiums in North Hills.

Rechler, in his role as chairman of the Regional Plan Association, launched an interview series last year with prominent New Yorkers hosted by the 92nd Street Y. He also is chairman of the Feinstein Institutes for Medical Research in Manhasset, a division of Northwell Health.

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