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McDonough Named President of N.Y. Fed

July 17, 1993|From Reuters

NEW YORK — The New York Federal Reserve Bank on Friday appointed William McDonough as its new president, a post second only to the chairman of the Federal Reserve Board in terms of setting the nation's monetary policy.

McDonough, thought of in financial circles as a moderate, will take the post Monday. He succeeds E. Gerald Corrigan, who was appointed by President Clinton earlier in the week to head the Russian-American Enterprise Fund, set up to promote private-sector development in Russia.

Although the Federal Reserve is made up of 12 member banks, the New York Fed president has unusual clout.

He is the only one with a permanent seat on the Federal Open Market Committee, which essentially sets interest rates by injecting or withdrawing reserves from the U.S. banking system.

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