NEW YORK- Federal Reserve Bank of New York President and CEO William J. McDonough announced his intention to retire from the post as of July 21, 2003. "Bill McDonough has epitomized the citizen who gives a great deal back to his country through public service," Federal Reserve Bank of New York Chairman Peter G. Peterson commented. McDonough joined the New York Fed in January 1992, as executive vice president and head of the Markets Group and, on July 19, 1993, was named the bank's president. McDonough is the eighth head of the New York Fed and its longest serving head since Alfred Hayes, who was president from 1956 to 1975.
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