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WILLIAM J. MCDONOUGH NAMED EXECUTIVE VICE PRESIDENT OF THE FEDERAL RESERVE BANK OF NEW YORK

          WILLIAM J. MCDONOUGH NAMED EXECUTIVE VICE PRESIDENT
               OF THE FEDERAL RESERVE BANK OF NEW YORK
    /ADVANCE/ NEW YORK, Dec. 17 /PRNewswire/ -- William J. McDonough has been named executive vice president of the Federal Reserve Bank of New York ad manager for foreign operations for the Federal Reserve System, E.  Gerald Corrigan, president of the Federal Reserve Bank of New York, announced.
    McDonough will start work on Jan. 6, 1992.  He replaces Sam Y. Cross, who retired earlier this month.
    McDonough, 57, retired from First Chicago Corp. and its bank, First National Bank of Chicago, in 1989 after a 22-year career there.  From 1986 until his retirement, he was vice chairman of the board and a director of the bank holding company.  Between 1980 and 1986, McDonough was executive vice president and chief financial officer of the bank, and, before that, was executive vice president and head of worldwide banking, from 1973 to 1980.
    Since leaving First Chicago, McDonough has served in a variety of executive roles, including as an advisor to the World Bank and International Finance Corporation on the selection of outside auditors, special advisor to the president of the Inter-American Development Bank, and chairman of the Illinois Commission on the Future of Public Service.
    In his new position at the Federal Reserve, McDonough will be in charge of the foreign group, which consists of the foreign exchange area and the foreign relations area.  The appointment as executive vice president of the bank was made by its board of directors.
    McDonough will also have the title of manager for foreign operations of the System Open Market Account.  That appointment, by the Federal Open Market Committee, was made on Dec. 17, 1991.
    McDonough is a native of Chicago.  Prior to his career with First Chicago, McDonough was with the U.S. State Department from 1961 to 1967 and with the U.S. Navy from 1956 to 1961.  He is fluent in French and Spanish and has served in numerous civic capacities in the Chicago area, including, at present, as a member of the Chicago Council on Foreign Relations, and as a board member of both the Lyric Opera of Chicago and the Chicago Historical Society.  He also is a member, since 1977, of the Council on Foreign Relations in New York.
    McDonough has a master of arts degree in economics from Georgetown University in Washington, earned in 1962, and a bachelor of science degree, also in economics, from Holy Cross College in Worcester, Mass., earned in 1956.
    He and his wife will be moving to New York in the coming weeks.
    -0-        12/17/91/1830
    /CONTACT:  Bart Sotnick, 212-720-6143, or Steven Malin, 212-720-6141, both of New York Federal Reserve Bank/ CO:  Federal Reserve Bank of New York ST:  New York IN:  FIN SU:  PER SM -- NY058 -- 3002 12/17/91 14:00 EST
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Publication:PR Newswire
Date:Dec 17, 1991
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