The Federal Reserve Bank of New York Friday announced the establishment of a investor advisory committee to facilitate policy discussions.

The NY Fed’s Investor Advisory Committee on Financial Markets will serve as a forum for informal discussions on financial, economic and public policy issues and help inform New York Fed president, William Dudley, and senior management. It is solely an advisory group, and doesn’t have any formal policymaking responsibilities.

The committee, which is currently comprised of 13 members of the investment community, is designed to ensure policymakers hear a range of views on relevant issues. Its creation formalizes the ongoing expansion of outreach by New York Fed staff.

“Since my arrival at the Bank in January 2007, we have expanded our contacts throughout the investment and trading communities. Through such relationships, we can enhance our understanding of how the private sector interacts with Federal Reserve operations, deepen communications between the Fed and market participants, and build confidence in Fed actions through greater transparency,” Dudley said. “Conferring with members of the IACFM is a natural extension of our work at the bank.”

IE