(Reuters) – The New York Federal Reserve announced Thursday that it will tap Michelle Neal as its head of its markets group. This is a crucial leadership role for the central bank, which prepares to shrink its balance sheet. A task that would be performed by the Fed’s regional arm.

Neal is the current chief executive for U.S operations at LedgerEdge. This distributed ledger-powered trading platform uses distributed ledger technology. He will be joining the New York Fed on March 1.

“Given today’s rapid evolution in financial market structure, I’m excited for the opportunity to work with the Markets team and leverage their expertise to best position the Bank to execute in this unique environment,” Neal said in a statement issued Thursday.

The New York Fed has hired Daleep Singh to fill the vacancy that had been vacant for nearly a year. Singh was the former head of the markets. He resigned in February last year to become President Joe Biden’s deputy national security advisor.

Fed officials discuss strategies to remove the financial support that was provided by the pandemic. This includes raising interest rates, reducing bond holdings and decreasing more than $8 trillion. New York Fed will use market operations and other tools in order to maintain stability and control interest rates.