Federal Reserve Bank of New York

No. 2179

FOR RELEASE: TUESDAY, MARCH 31, 1998

NEW YORK FED NAMES TWO VPs AND SIX AVPs

NEW YORK -- The Federal Reserve Bank of New York today announced the appointment of Leon W. Taub as vice president responsible for the statistics function in the research and market analysis group.

The bank's board of directors also approved the promotion of Kenneth J. Guentner to vice president for settlement and operations risk management in the markets group and the promotion to assistant vice president of six bank officers.

Mr. Taub joins the bank from a six-year stint with the U.S. Department of Commerce, where he had been chief of the national income and wealth division of the Bureau of Economic Analysis since 1996. He was responsible for directing the production of U.S. gross domestic product (GDP) estimates and for conducting research on GDP data sources and components.

Mr. Taub began his career in the private sector in 1970 at a predecessor organization of Chase Econometric Associates, Inc. During the next 15 years, he helped to build the company, working on the Chase macroeconomic and many other econometric models.

He opened and managed Chase Econometric's Washington, D.C. office and supervised the macroeconomic, financial, consulting and U.S. industry staffs. He also served as a vice president and member of the company's senior management group.

From 1985 to 1990, he was president of Digene Diagnostics, Inc., a bio-tech company he co-founded, which specializes in the use of DNA-based diagnostic tests.

Mr. Taub was graduated from the Wharton School of the University of Pennsylvania, with a B.S. in economics. He then earned M.A. and Ph.D. degrees in economics from New York University. In 1992, he received the Elijah Watt Sells award for excellence on the national examination for certified public accountants.

Kenneth J. Guentner has been an assistant vice president at the Federal Reserve Bank of New York since January 1989, in the markets group, which is responsible for conducting domestic open market and foreign exchange operations.

He was appointed an officer of the bank in 1985. In December 1995, he was named coordinator for the strategic development staff and in 1996 was assigned to the settlement and operations risk management staff. Mr. Guentner joined the Bank in 1979 as an economist assigned to the domestic financial markets division.

He holds a B.A., an M.A. and a Ph.D. from the University of Pittsburgh.

The following officers have been promoted to assistant vice president:

Mario L. Abbattista, bank supervision group;

Bernard Jacobs, bank supervision group;

Maureen F. LeBlanc, bank supervision group;

Mark E. Mindlin, bank supervision group;

Stefan Walter, bank supervision group;

Larry Whitney, regional check manager, Utica Office (equivalent to assistant vice president).

In addition, Jeffrey J. Shovlin has been promoted to assistant vice president in the Federal Reserve System office of employee benefits.