Press Release
New York Fed Names New General Auditor
January 10, 2005

NEW YORK—Edward C. (Ted) Smith, 55, has been named general auditor and senior vice president of the Federal Reserve Bank of New York, effective March 1, 2005. He will be responsible for internal auditing of the New York Fed, reporting to the bank’s board of directors. The appointment was made by the board.

In his post, Mr. Smith also will be the bank’s liaison with regard to all matters relating to the Office of Inspector General of the Board of Governors, which conducts audits and investigations relating to programs and operations of the Board.

Mr. Smith has more than thirty years of auditing experience in the financial services industry. He was general auditor and senior vice president at the Global Financial Services Division of American Express Company from 1993 to 2003. From 1986 through 2003, he also served as senior vice president and general auditor for American Express Bank. Mr. Smith held a series of audit positions of increasing responsibility at American Express between 1976 and 1992, both in London and New York.

Mr. Smith began his career at the Bank of America in London, serving as senior operations assistant from 1966-1973 and spent the next three years working for the American National Bank of Chicago and Dresdner Bank, both in London, before joining American Express.

Mr. Smith graduated from Midfield Boys School in Orpington, Kent, England. He lives in Chatham, N.J. with his wife. They have three children.

Mr. Smith succeeds David J. Sheehe, who retired as general auditor this past November.

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