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FEDERAL RESERVE BANK OF NEW YORK ANNOUNCES ORGANIZATIONAL CHANGES

FEDERAL RESERVE BANK OF NEW YORK ANNOUNCES ORGANIZATIONAL CHANGES
 NEW YORK, July 28 /PRNewswire/ -- Several major organizational changes at the Federal Reserve Bank of New York, including the consolidation of the foreign exchange operations and open market operations under executive vice president William J. McDonough, were announced today by New York Fed president E. Gerald Corrigan.
 The steps were taken in conjunction with a decision by Peter D. Sternlight, executive vice president of the New York Fed and manager of the Federal Reserve's domestic open market operations, to take early retirement as of Sept. 30, Corrigan said. Sternlight, 64, joined the New York Fed 42 years ago.
 The bank's board of directors also promoted to executive vice president Richard G. Davis, who continues as the bank's director of research, and Roberta J. Puschel, who will head a new International Banking Group.
 The International Banking Group under Puschel combines the foreign relations area, renamed central bank financial services, and the international examinations area which will examine all branches and agencies of foreign banks within the New York Fed's district. The New York Fed's role in foreign bank examinations was greatly increased by the Federal Deposit Insurance Corporation Improvement Act of 1991.
 Puschel's responsibilities as head of the bank's credit and discount area have been moved to executive vice president Chester B. Feldberg, who continues as senior officer with overall responsibility for bank supervision and regulation, and with whom Puschel will coordinate in the foreign branch and agency examination activities.
 The open market activities and market surveillance operations which Sternlight headed will, upon his retirement, become part of the newly established Financial Markets Group under McDonough. The Financial Markets Group also includes the bank's foreign exchange and international financial markets areas.
 McDonough heads the New York Fed's foreign group. The New York Fed conducts all of the Federal Reserve's trading activities in the government securities market and the foreign exchange market. In addition, it conducts the U.S. Treasury's activities in the foreign exchange market.
 In connection with the creation of the Financial Markets Group, the New York Fed's board of directors approved the promotion and assignments of:
 Peter Ryerson Fisher, from assistant vice president to vice president in foreign exchange, reporting to senior vice president Margaret L. Greene and having day-to-day managerial responsibilities in that area.
 Bonnie Loopesko, from senior international economist to assistant vice president and assigned to foreign exchange.
 Danilo G. Dungca, from chief of foreign currency account management to the officer level of manager and assigned to foreign exchange.
 Sternlight was involved in the bank's open market operations -- the primary area for implementing monetary policy that is established by the Federal Reserve's Federal Open Market Committee -- for most of his long career at the bank. He has been responsible for directing the daily operations of the securities trading desk and the related areas for 13 years.
 Commenting on Sternlight's decision, Corrigan said, "All of us in the bank, and the Federal Reserve System, will miss Peter dearly. Peter's competence, dedication and absolute integrity have earned him universal respect and admiration."
 Sternlight joined the New York Fed in 1950 as an economist in the foreign research division, after earning a master's degree in economics from Harvard
University. He later worked in the foreign and domestic research divisions, while completing his doctorate in economics at Harvard. He was named an officer in 1962, as manager of the securities department, following a four-month stint at the U.S. Treasury where he was in the office of the undersecretary for monetary affairs.
 Sternlight became an assistant vice president in 1964, then, after two years at the Treasury as deputy undersecretary for monetary affairs, was named a vice president in 1968. In January 1977, he was appointed senior vice president and assigned as the officer in charge of the open market operations and Treasury issues area. In August 1979, he was appointed by the Federal Open Market Committee as the senior officer in charge of domestic operations of the system open market account. He was named executive vice president in 1982.
 -0- 7/28/92
 /CONTACT: Bart Sotnick, 212-720-6143, or Steven Malin, 212-720-6141, both of the New York Federal Reserve Bank/ CO: Federal Reserve Bank of New York ST: New York IN: FIN SU:


SM -- NY064 -- 4122 07/28/92 13:13 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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