N.Y. Fed Candidates Withdraw

WASHINGTON -- The two top candidates to become president of the New York Federal Reserve Bank, Treasury Undersecretary Peter R. Fisher and Citigroup Vice Chairman Stanley Fischer, have withdrawn their names from consideration, knowledgeable sources said Tuesday, The Washington Post reported.

The job opened last month when William J. McDonough announced his resignation to become chairman of the accounting industry's new oversight board in Washington. McDonough, whose salary last year was $313,300, is expected to leave the bank around the middle of June.

There was no word why the two men withdrew, or who is now being considered for the post, The Post reported. With both Fisher and Fischer no longer candidates, at least two of the seven members of the Fed board in Washington have also become involved in the search, sources told The Post.

"I view it as a pretty darn important appointment, particularly with (Fed Chairman Alan) Greenspan" probably approaching the end of his tenure, said economist Bill Dudley of Goldman Sachs. Greenspan's predecessor, Paul A. Volcker, was president of the New York Fed when he was appointed Fed chairman in 1979.

-- NYSSCPA.org News Staff

Posted on 05/14/03