Press Release

Reappointments to the Board of the New York Fed

November 4, 2004

NEW YORK - The Board of Governors of the Federal Reserve System has redesignated John E. Sexton chairman of the Board of directors of The Federal Reserve Bank of New York for 2005. Mr. Sexton who is president of New York University, has been serving as a class C director and deputy chairman since January 2003, and chairman since January 2004.

The Board of Governors has also redesignated Jerry I. Speyer deputy chairman for the year 2005. Mr. Speyer who is president and chief executive officer of Tishman Speyer Properties has been serving as a class B director since January 2001, and class C and deputy chairman since January 2004.

The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve Systems as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from among the banking community. Class B & C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

Contact:
Linda Ricci
(212) 720-6143
(646) 720-6143
linda.ricci@ny.frb.org