William Joseph McDonough (April 21, 1934 – January 22, 2018) was an American economist. He was president and CEO of the Federal Reserve Bank of New York from 1993 to 2003.
William McDonough | |
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| President of the Federal Reserve Bank of New York | |
| In office July 19, 1993 – July 21, 2003 | |
| Preceded by | E. Gerald Corrigan |
| Succeeded by | Timothy F. Geithner |
| Personal details | |
| Born | William Joseph McDonough April 21, 1934 Chicago, Illinois, U.S. |
| Died | January 22, 2018 (aged 83) Waccabuc, New York, U.S. |
| Education | College of the Holy Cross (BA) Georgetown University (MA) |
He was also a former vice chairman and special advisor to the chairman at Merrill Lynch & Co. Inc.,[citation needed] responsible for assisting senior management in the company's business development efforts with governments and financial institutions.[citation needed]
Education
editMcDonough earned a bachelors degree in economics from the College of the Holy Cross in Worcester, Massachusetts in 1956.[1]
He received a masters degree in economics from Georgetown University in 1962.[2]
He also served as an advisory board member for the Yale School of Management[when?].[citation needed]
Career
editMcDonough was with the U.S. Navy from 1956 to 1961.[3] During this period he spent time on a destroyer, was stationed in Pearl Harbor, taught at the U.S. Naval Academy, and earned his masters degree by attending night school.[1]
He was with the U.S. State Department from 1961 to 1967,[3] and became fluent in Spanish and French.[2] He was sent to Uruguay as a diplomat,[1][2] and also worked in Washington D.C. on Latin American policy.[1]
First Chicago Corporation and its bank, First National Bank of Chicago, needed someone with economic skills and international experience, and hired McDonough in 1967.[1][2] First Chicago initially sent him to Paris and then London, before bringing him back to the head office in the U.S., where he rose to vice chairman of the corporation[1] in 1986.[citation needed] Concluding he was unlikely to become CEO of the firm, McDonough retired from First Chicago[1] in 1989 after a 22-year career there.[2]
Before joining the Federal Reserve Bank of New York, McDonough served as an advisor to a variety of domestic and international organizations.[citation needed]
McDonough joined the Federal Reserve Bank of New York in 1992 as executive vice president, head of the bank's markets group and manager of the Federal Open Market Committee‘s (FOMC) open market operations.[citation needed] He served as president and chief executive officer from July 1993 to July 2003.[citation needed] As president, he served as the vice chairman and a permanent member of the FOMC, which formulates U.S. monetary policy.[citation needed] McDonough also served on the board of directors of the Bank for International Settlements[citation needed] and as chairman of the Basel Committee on Banking Supervision.[citation needed]
From 2003 to 2005, he was chairman of the Public Company Accounting Oversight Board, a private-sector, not-for-profit corporation created by the Sarbanes-Oxley Act of 2002 to oversee auditors of public companies.[4]
McDonough was a member of the board of directors of the New York Philharmonic Orchestra.[citation needed] He was chairman of the Investment Committee for the United Nations Joint Staff Pension Fund,[citation needed] and was co-chairman of the United Nations Association of the United States of America (UNA-USA).[citation needed] He was also an emeritus member of the Group of Thirty, an influential Washington-based financial advisory body,[citation needed] and was a director of the Council on Foreign Relations since 1995.[5]
Personal life
editMcDonough resided in Westchester County, New York, with his wife, Suzanne Clarke McDonough since 2005. He died January 22, 2018, at his home in Waccabuc, New York.[6]
References
edit- ^ a b c d e f g Hagerty, James R.; Derby, Michael S. (January 26, 2018). "William J. McDonough Overcame Childhood Traumas to Help Steer U.S. Economy". Wall Street Journal. Retrieved July 14, 2024.
- ^ a b c d e Thomas Jr., Landon (January 26, 2018). "William McDonough, Who Guided New York Fed Through Crises, Dies at 83". The New York Times. Retrieved July 14, 2024.
- ^ a b "William McDonough". WNYC. Retrieved July 14, 2024.
- ^ Norris, Floyd (2003-04-16). "S.E.C. Picks A Fed Banker To Lead Panel". The New York Times. Retrieved 2009-04-16.
- ^ "The Council on Foreign Relations from 1921 to 1996 - Historical Roster of Directors and Officers".
- ^ "William McDonough, N.Y. Fed Chief in Twin Crises, Dies at 83". Bloomberg.com. 25 January 2018.
External links
edit- Biography at the Federal Reserve Bank of New York
- Appearances on C-SPAN