Press Release
New York Fed Names New Executive Vice President
June 26, 2008

NEW YORK—Edward C. Smith, general auditor of the Federal Reserve Bank of New York has been named executive vice president. He had been senior vice president in the same area since March 2005. In keeping with his independence as the general auditor, Mr. Smith reports to the audit and operational risk committee of the board of directors.

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 to 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 Orpinton, Kent, England.

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