Reappointments of the Board of the New York Fed - FEDERAL RESERVE BANK of NEW YORK

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Press Release

Reappointments of the Board of the New York Fed

November 29, 2005

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 2006. Mr. Sexton, 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 2006. 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 System 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 the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

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