Press Release
New York Fed Names Five Senior Vice Presidents and 10 Vice Presidents
July 1, 2008

NEW YORK – The Federal Reserve Bank of New York’s board of directors has approved the promotion of five senior vice presidents and 10 vice presidents.

Michael A. Held has been promoted to senior vice president and deputy general counsel in the Legal Group. He will be responsible for the Group’s newly created corporate affairs division, and will continue to serve as the Bank’s corporate secretary, a position he has held since July 2006.

Mr. Held joined the Bank in August 1998 as an attorney in the Legal Group and was appointed an officer in June 2001.

Prior to joining the Bank, Mr. Held worked at the law firms Kaye Scholer LLP and McDermott, Will & Emery.

Mr. Held holds a B.S. degree from Cornell University and a J.D. from New York University School of Law. He is a member of the New York State Bar Association and the Massachusetts Bar Association.

Stephanie A. Heller
has been promoted to senior vice president and assistant general counsel in the Legal Group. She had been a vice president since December 1999.

Ms. Heller joined the Bank’s Legal Group as a law clerk in September 1991. In September 1995, Ms. Heller was named an officer of the Bank and was promoted to assistant vice president in December 1996.

Ms. Heller holds a B.S. degree from Stanford University and a J.D. degree from New York University School of Law. She is a member of the New York State Bar Association.

HaeRan Kim
has been promoted to senior vice president and assistant general counsel in the Legal Group. She had been a vice president since December 1997.

Ms. Kim joined the Bank’s Legal Group as a law clerk in September 1987. In July 1991, she was named an officer of the Bank and was promoted to assistant vice president in April 1994. From May until December 1995, she was assigned to the Secretary’s Office as assistant secretary.

Ms. Kim has a B.A. degree from Smith College and a J.D degree from Cornell Law School.

Shari
D. Leventhal has been promoted to senior vice president and assistant general counsel in the Legal Group. She had been a vice president since January 2003.

Ms. Leventhal joined the Bank’s Legal Group in March 1998. In October 2000, she was named an officer of the Bank and was promoted to assistant vice president in December 2001.

Prior to joining the Bank, she was an assistant United States Attorney for the U.S. Attorney’s Office, Eastern District of New York from February 1992 to March 1998.

Ms. Leventhal holds a B.A. degree from Vassar College and a J.D. degree from Georgetown University Law Center. She is a member of both the New York State and District of Columbia Bar Associations.

Helen E. Mucciolo has been promoted to senior vice president in the Executive Office. Ms. Mucciolo is responsible for overseeing and coordinating all matters related to the portfolio of assets associated with the Bank’s extension of credit in connection with JPMorgan Chase and Co’s acquisition of Bear Stearns Companies Inc. She had been a vice president in the risk management function, Bank Supervision Group since August 2007, a vice president in the Subcommittee on Credit, Reserves and Risk Management Administration Office since October 2006 and a vice president in the Markets Group since July 2005.

Ms. Mucciolo joined the Bank in April 1993 as a financial analyst in credit and discount department, Markets Group. In June 1999, she was named an officer of the Bank and was promoted to assistant vice president in June 2002.

Ms. Mucciolo holds a B.S. degree from Syracuse University and an M.B.A. from Pace University. She is also a certified financial analyst.

William J. Brodows
has been promoted to vice president in the financial sector policy and analysis function, Bank Supervision Group. He had been an assistant vice president since July 2006.

Mr. Brodows joined the Bank in May 1996 as a bank examiner in the financial examination department and was named an officer of the Bank in January 2003.

Mr. Brodows holds a B.A. degree from Boston University and an M.B.A. from the University of Rochester.

Jennifer S. Crystal
has been promoted to vice president in the financial markets and institutions department, Emerging Markets and International Affairs Group. She had been an assistant vice president in the same area since July 2006.

Ms. Crystal joined the Bank in July 1991 in the domestic banking department and in June 2001 she was named an officer of the Bank assigned to the financial markets and institutions department.

Ms. Crytal holds an A.B. degree from Princeton University and an M.B.A. from Columbia University.

Timothy J. Fogarty
has been promoted to vice president in the central bank and international account services department, Markets Group. He is currently director of customer account services, responsible for account relations with foreign central bank customers.

Mr. Fogarty joined the Bank in June 1980 in the foreign department and was named an officer of the Bank in January 1995 assigned to the central bank and international account services department.

Mr. Fogarty holds a B.S. degree from Manhattan College.

David L. Gross
has been promoted to vice president in the Legal Group. He had been an assistant vice president since January 2006.

Mr. Gross joined the Bank in September 2000 as an attorney and was named an officer of the Bank in January 2003.

Prior to joining the Bank, he was an assistant district attorney for the New York County District Attorney’s Office.

Mr. Gross holds a B.A. degree from Yale University and a J.D. degree from Columbia University Law School.

Melanie L. Heintz
has been promoted to vice president in the Subcommittee on Credit Risk Management Administration, Payments Policy and Credit Risk Management Group. She had been an assistant vice president since July 2007.

Ms. Heintz transferred from the Federal Reserve Bank of Atlanta in July 1995 as a communications analyst in the Automation and System Services Group. In January 2005, she was named an officer of the Bank assigned to the national remote access services competency center.

Ms. Heintz holds a B.S. degree from SUNY Brockport.

Matthew D. Higgins has been promoted to vice president in the development studies and foreign research department, Emerging Markets and International Affairs Group. He had been an assistant vice president since January 2005.

Mr. Higgins joined the Bank in September 1993 as an economist assigned to the international research department. He resigned from the Bank in February 2000 to accept a position at Merrill Lynch and rejoined the New York Fed as an officer in January 2003 assigned to the development studies and foreign research department.

Mr. Higgins holds a A.B. degree from Princeton University and a Ph.D. from Harvard University.

James D. Narron
has been promoted to vice president in the Chief of Staff’s Office, Executive Office.

Mr. Narron joined the Bank in May 2003 as a staff director in the customer services department, Financial Services Group. In January 2006, he was named an officer of the Bank and assigned to the cash administration department. Mr. Narron was assigned as deputy chief of staff to the Chief of Staff’s Office in February 2007 and was promoted to assistant vice president in January 2008.

Mr. Narron holds a B.S. degree from Rockhurst University and an M.B.A from the University of South Carolina.

Paolo A. Pesenti
has been promoted to vice president in the international research department, Research and Statistics Group. He had been an assistant vice president since January 2005.

Mr. Pesenti joined the Bank in August 1998 as an economist in the international research function and was named an officer of the New York Fed in December 2000. In January 2002, he was granted a six-month leave to work at the International Monetary Fund.

Mr. Pesenti holds a B.A. degree from the University Luigi Bocconi in Milan, Italy, and an M.A. degree and a Ph.D. from Yale University.

S. Andrew Williams
has been promoted to vice president in the media relations and public affairs department, Communications Group where he joined as an assistant vice president in June 2007.

Prior to joining the Bank, Mr. Williams was a media relations adviser in the New York office of Public Strategies Inc., a crisis communications consulting firm.

Before Public Strategies, Mr. Williams was the senior media relations assistant at the Federal Reserve Board in Washington, D.C. from September 2001 to November 2005.

Mr. Williams holds a B.A. degree from the University of the South.

Nathaniel Wuerffel
has joined the Bank as vice president in the strategic investment and risk assessment department, Corporate Group.

Prior to joining the Bank, Mr. Wuerffel was an assistant vice president in the enterprise risk and business continuity department at the Federal Reserve Bank of Chicago.

Mr. Wuerffel holds a B.A. degree from Valparaiso University, an M.A. degree from University of Chicago and is obtaining an M.B.A. from the Kellogg Graduate School of Management, Northwestern University.