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NEW YORK FED NAMES WASHINGTON TO SUCCEED VANCE ON BOARD

 NEW YORK, April 6 /PRNewswire/ -- Herbert L. Washington, the owner of HLW Fast Track, Inc., Rochester, N.Y., has been appointed a director of the Federal Reserve Bank of New York, effective June 18, it was announced today by the New York Fed.
 Mr. Washington succeeds Cyrus R. Vance, who is resigning from the board on June 18, consistent with his long-standing intention. Mr. Vance served on the board for more than four years. Mr. Washington will fill the remaining portion of Mr. Vance's term as a Class C director, which runs until Dec. 31, 1995.
 Mr. Vance is presiding partner of the New York law firm of Simpson Thacher & Bartlett. He served as the New York Federal Reserve Bank's chairman from 1989 to 1991.
 Mr. Washington has been a director of the Buffalo, N.Y., branch of the New York Federal Reserve Bank since 1990, and has been the branch board's chairman since the start of 1992. He is resigning from the Buffalo board to accept the position of director of the New York Fed.
 Mr. Washington is one of the three directors who are named by the board of governors of the Federal Reserve System. The other six directors on the Federal Reserve Bank of New York's board are elected by member banks in the district served by the bank.
 Through his company, Mr. Washington owns a number of McDonald's restaurants in the Rochester area. He is active in community affairs.
 -0- 4/6/93
 /CONTACT: Bart Sotnick of the New York Fed, 212-720-6143/


CO: Federal Reserve Bank of New York ST: New York IN: FIN SU: PER

GK -- NY020 -- 3361 04/06/93 10:14 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
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