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Merrill Lynch Hires Former Fed Bank Chief

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Jan 23, 2006 7:13 am US/Pacific

Merrill Lynch Hires Former Fed Bank Chief

NEW YORK (AP) ― William J. McDonough, former president of the New York Federal Reserve Bank, has joined Wall Street investment bank Merrill Lynch & Co. as vice chairman and special adviser to the chairman on business development, the company said Monday.

McDonough, 71, last served as chairman of the Public Company Accounting Oversight Board prior to joining Merrill Lynch. He will advise Chief Executive Stan O'Neal on growing the company's governmental and international businesses, the firm said in a statement.

Prior to heading the PCAOB, a corporate oversight board created by the Sarbanes-Oxley Act of 2002, McDonough served as president of the New York Fed from 1993 to 2003 and was a member of the Fed's Open Market Committee, which sets the nation's interest rate and monetary policy.

He is also a former vice chairman of First Chicago Corp. and is a veteran of the U.S. Navy.

(© 2006 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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