There is a new executive vice president at the Federal Reserve Bank of New York, the branch announced Friday.

In a statement, the NY Fed revealed that Brian Sack has been named to the position, which was previously held by the current branch President William Dudley. The appointment is effective as of June 1st, 2009 the branch said.

I am very pleased that Brian Sack will be joining the New York Fed as head of the Markets Group, Dudley said in a statement. He brings to the Bank a unique understanding of the interplay of economics and finance and has a combination of real world experience and public service that will be invaluable to the New York Fed.

Sack, 38, currently serves as a vice president at Macroeconomic Advisers and as the deputy director of the Monetary Policy Insights service offered by that firm. He has been there since 2004. His experience at that position includes analysis of the interactions between Federal Reserve policy actions, financial markets and the U.S. economy, the Fed said.

Prior to 2004, Sack was the head of the Monetary and Financial Markets Analysis section at the Board of Governors of the Federal Reserve System. Mr. Sack received his Ph.D. in economics from the Massachusetts Institute of Technology in 1997 and a B.A. in mathematics and economics from the University of Vermont in 1992.

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