NEW YORK-The Federal Reserve Bank of New York has named Timothy F. Geithner to serve as its president and CEO, the bank's chairman, Peter Peterson, announced. Geithner, 42, presently serves as the director of the Policy Development and Review Department at the International Monetary Fund. He will assume his new post with the New York Fed in about a month. Prior to the IMF, Geithner served as Treasury undersecretary for international affairs from 1998 to 2001. The Federal Reserve Board of Governors approved the New York Fed's decision. Geithner succeeds William J. McDonough, who stepped down in June to become chairman of the Public Company Accounting Oversight Board.
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