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Press Release

New York Fed Names SVP of Wholesale Product Office

May 19, 2005

NEW YORK - Lauren A. Hargraves has been named senior vice president and product manager of the Wholesale Product Office at the Federal Reserve Bank of New York.

The Wholesale Product Office is responsible for strategic planning, product development, and oversight of the Federal Reserve System’s Fedwire® funds transfer and book-entry securities services, as well as the net settlement service.

Ms. Hargraves joined the bank in September 1985 as a research assistant in the research and statistics group. In 1992, she moved to the markets group and in July 1994, she was appointed an officer of the bank. Ms. Hargraves was promoted to assistant vice president in December 1996, and in December 1999 she was promoted to vice president.

Ms. Hargraves holds a B.S. degree from Trinity College and an M.B.A. degree from Columbia University.

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