New York Fed Initiates Search for New President - FEDERAL RESERVE BANK of NEW YORK

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Press Release

New York Fed Initiates Search for New President

December 1, 2008

New York—In light of President-elect Barack Obama’s intention to nominate Federal Reserve Bank of New York President Timothy F. Geithner as his Secretary of the Treasury, the New York Fed board of directors today announced that it has created a search committee of the board.

The search committee consists of Stephen Friedman, chairman of the bank’s board of directors, and two other directors, Charles V. Wait and Denis M. Hughes. The search committee will engage very soon a national search firm to assist in the process. The committee will try to complete its work as promptly as it prudently can.

In order to allow for an orderly transition, President Geithner will continue to serve as president of the New York Fed for the next several weeks. His Federal Open Market Committee (FOMC) responsibilities will be assumed by the alternate New York Fed representative, Christine Cumming, first vice president, who will serve as a voting member of the FOMC.

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